Memecoins flood Dexscreener's newly released Pump.fun competitor Moonshot

Crypto data platform Dexscreener launched its own Pump.fun competitor on June 24 and it's already flooded with memecoins.

The platform, called Moonshot, lets users launch their own tokens on Solana. It's ultimately the same model as Pump.fun but with a slightly different UX and with some bold claims.

To start with, any user can connect a wallet and mint their own token at a cost of around 0.02 SOL, same as Pump.fun. Once the user adds a name, symbol and image, they can launch the token. They can also add some social media links. Once launched, if the token reaches a market cap of 500 SOL (around $68,000), the tokens and liquidity are migrated to decentralized exchange Raydium, while 150 to 200 million tokens are burned.

Unsurprisingly, there are already countless memecoins created using Moonshot, ranging from political tokens to those themed around videos that have gone viral recently.

The platform states that it is audited but doesn't provide further details. It also claims that tokens are unruggable and that there are no pre-sales or insiders. That said, the person who creates the token gets first dibs on buying it and are able to sell whenever they want.

It's no big surprise that other projects are trying to rival Pump.fun , which has found a strong user base in the Solana community. The platform has already seen more than $40 million in revenue since March.