MOODENG, SPX, GOAT… In this meme craze, the emergence of various big meme coins has gradually brought the name Moonshot into the spotlight of crypto players. This newly launched product, which has been quietly built over three months, has suddenly become known as the "Binance of the meme world." This mobile application, which carries the narrative of "buying memes with fiat," seems to have become a key driving force for the rise of all big meme coins, viewed by players in the industry as a crucial catalyst.

On the other hand, the explosive popularity of Moonshot has been so sudden that many meme players still know very little about it. What did Moonshot do right in the months leading up to its rise? Is it really, as people say, the ultimate entry point for money and traffic in the meme space?

How the Meme Coin Catalyst Was Forged

Moonshot launched on July 18. Less than a week after its launch, Murad, who had not yet given a speech on the meme supercycle at Token 2049, specifically tweeted to introduce Moonshot, along with an interactive demo video. "I am not involved in this project in any way, but startups like Moonshot will make the Memecoin supercycle even larger. Their users do not need to know anything about wallets or blockchains; they just need to click once, like paying for an upgrade in an iPhone game."

At the beginning of Moonshot's launch, many tokens were listed, but its influence did not extend beyond its initial circle until it encountered MOODENG, which had not yet seen a significant market cap increase. When MOODENG was launched, Moonshot did not specifically tweet about it. After MOODENG continued to rise, the official Twitter account kept updating the "price increase after listing" posts. On September 26, Moonshot tweeted, "The highest trading volume day in Moonshot's history," accompanied by a meme of a hippo representing MOODENG.

On September 27, Moonshot popped up a notification that MOODENG had achieved a 100x increase since its listing on the app and initiated a vote to "rename Moonshot to MOODENG." Meanwhile, the official MOODENG Twitter account frequently recommended the community use Moonshot to purchase tokens.

Dune data shows that from September 24 to September 28, the market cap of MOODENG rapidly increased from around $100 million to about $300 million, while Moonshot's daily fees surged from around $3,681 to $24,000, and daily trading users grew from 396 to 3,458.

As MOODENG propelled Moonshot "out of its circle," Murad was delivering his "memecoin supercycle" keynote speech at the Token2049 conference in Singapore, calling for $SPX6900. Starting in early September, SPX6900 saw its market cap rise from less than $9 million to $900 million in just a month. Before Murad's speech, Moonshot had already listed SPX6900, which at that time had a market cap of less than $30 million.

With the continuous success of big meme coins, Moonshot began to experience the "listing effect." Meme coin projects also hoped to list on Moonshot. The meme coin APU on Ethereum started rising from a market cap of around $60 million in early September. After a rise of about 2.5 times, reaching a market cap of around $150 million, APU announced on October 6 that it would list on Moonshot and would cross-chain from Ethereum to Solana via Wormhole. Subsequently, APU continued to rise, and as of the time of writing, its market cap was $330 million.

Despite the "mutual achievement" with MOODENG leading to rapid development for Moonshot, with daily fees rising from $3,700 at the end of September to $32,000 last weekend, the number of users on Moonshot has not seen a significant increase since MOODENG, and daily fees have experienced periodic declines. In the sentiment-driven meme market, what Moonshot brings to memes is a heat that is more important than trading volume.

Last week, the AI meme coin surged, with $GOAT reaching a market cap of over $500 million. For further reading, see "Behind the Surge of GOAT: The Speculative Expectations and Concerns of AI Memes | 100x Review." Moonshot announced the listing of this coin during a spike in GOAT's trading volume, accompanying GOAT from a market cap of less than $40 million to $500 million, once again showcasing Moonshot's "magic."

However, from the perspective of the "listing effect," the trading volume on Moonshot is relatively small compared to the total trading volume of meme coins. At 1 AM today, Moonshot listed the meme coin slop, and according to Dune data as of around 4 PM, slop's trading volume on Moonshot was $110,000, while according to Dexcreener data, slop's total trading volume during this period was $46 million, meaning Moonshot contributed only 0.2% of slop's trading volume.

From the chart, it can be seen that after the news of slop's listing on Moonshot, its price surged nearly 20% in half an hour, but after reaching a market cap of $50 million, it began to decline, currently sitting at a market cap of $25.48 million, nearly halving from its peak.

Pump.fun, the Perfect Partner of MoonPay

What many people do not know is that Moonpay and Pump.fun are actually "brothers," both incubated by Alliance DAO, making significant strides in the "crypto new retail" space. QW, a founding partner of Alliance DAO, mentioned in a podcast that Moonshot's market opportunity lies in the fact that "there are not enough retail gambling scenarios in the market."

Of course, identifying the right direction is not the only reason for Moonshot's success. What sets it apart from its senior brother Pump.fun is the effort it has put into user experience.

One of Alliance's key incubation principles is that when developing crypto products, one should not only focus on blockchain technology itself but also compare it with traditional internet applications that are already very mature and provide excellent user experiences, ensuring that their products can also offer the same smooth and easy onboarding experience. Imran Khan, a founding partner of Alliance DAO, once tweeted that the competitors of crypto products are not just other crypto applications but also the user onboarding experiences of traditional Web2 applications.

The day after Moonshot's launch, it partnered with MoonPay, and all the product highlights of Moonshot, such as "fiat purchase and Apple Pay payment," benefited from MoonPay's functionality.

In terms of fees, users on Moonshot incur additional costs in two categories: those charged by Moonshot itself during the transaction process, and those charged by the partner MoonPay during the deposit and withdrawal process. The former includes network fees (gas fees) and management fees, with a 2.5% transaction fee (ranging from $0.3 to $6.25) for amounts below $250, and a 1% fee for amounts exceeding $250.

The fee structure for MoonPay is detailed in the official documentation, with deposit and withdrawal fees for purchases made via PayPal set at 4.5% and 3.4%, respectively. Additionally, MoonPay began exploring the payment functionality of Apple Pay back in 2022.

In addition to MoonPay, the non-custodial wallet Turnkey is also a partner of Moonshot. In an article published by Turnkey, it is explained that after users log into Moonshot, Turnkey creates a non-custodial wallet in the background, allowing users to easily verify transactions using just their email or biometric technology (such as Face ID).

With Alliance DAO overseeing product direction, MoonPay handling payments, and Turnkey managing the wallet side, the application that allows users to easily trade meme coins using Apple Pay has made a stunning debut, which seems like a natural progression.

In the official documentation of Moonshot, there are no publicly stated specific listing criteria, but it mentions that "generally, a token needs to achieve a total trading volume of about $1 million within 24 hours." In its early days, Moonshot listed many coins, including MAGA, SCF, SPX6900, MUMU, and other lesser-known meme coins, with its "breakout work" being MOODENG.

Clearly, in terms of product experience, Moonshot has met Alliance's ideal standards. Imran even proudly stated that many founders of consumer-oriented startups currently regard Moonshot's user onboarding experience as a benchmark or model for their learning.

Fiat Meme Track, Competitors Have Emerged

As a newcomer in the payment sector, Moonshot has ridden the wave of the meme bull market. By leveraging fiat payments, Moonshot has further simplified the barriers for users to engage with memes. The success of Moonshot lies not only in providing a more efficient trading experience but also in offering a new path for mass adoption in the industry.

The segmented track of fiat memes will certainly not leave Moonshot to walk alone; there are now fiat meme payment products on the market that benchmark against Moonshot: Prerich.

Prerich is an application that simplifies on-chain transactions, promoting a slogan similar to Moonshot's: "Buy memecoins with ease!" Prerich offers a user-friendly interface akin to Robinhood, enabling users to conduct quick and efficient on-chain transactions. Users can also log in using their email and credit card. The unique meme-themed design interface of Prerich has also become one of the factors attracting community users.

However, the listing effect of Prerich is far less significant than that of Moonshot, as it has not produced big meme coins like MOODENG and GOAT. Besides differentiated meme icon marketing, Prerich will need to continuously list big meme coins to catch up with Moonshot.

As long as the crypto meme celebration continues, innovative products in the payment sector will keep emerging. After Moonshot has taken the lead in fiat payments, it opens up a larger space for mass adoption.

As the Binance of the meme world, Moonshot not only brings significant liquidity and wealth creation effects to on-chain memes but also quietly changes the landscape for future entrepreneurs with its product model that is closer to Web2.

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