MOODENG, SPX, GOAT... In this meme craze, the emergence of big golden dogs gradually pushed the name Moonshot to the eyes of crypto players. This new product, which was launched not long ago, has become the "Binance of meme" in people's mouths after three months of quiet building. This mobile application with its own "buy meme with fiat currency" narrative seems to have become a floodgate in the meme track and is regarded by players in the circle as the key driving force for the rise of all big golden dogs.

On the other hand, Moonshot's explosion was so sudden that many meme players still know very little about it. What did Moonshot do right in the months before its rise? Is it really the ultimate entrance to money and traffic in the meme track as people say?

How the Golden Dog Promoter was Made

Moonshot was launched on July 18. Less than a week after its launch, Murad, who had not yet delivered a meme super cycle speech on Token 2049, specially tweeted to introduce Moonshot, and attached an interactive demonstration video of Moonshot. "I am not involved in this project in any way, but startups like Moonshot will drive the Memecoin supercycle to become even bigger. Their users don't need to know anything about wallets or blockchains, just one click, like paying to upgrade an iPhone game."

When Moonshot was first launched, it launched many tokens, but its influence did not go beyond the circle until it met MOODENG, whose market value had not yet risen significantly. When MOODENG was launched, Moonshot did not specifically tweet for it. After MOODENG continued to rise, the "post-listing increase" forwarded by the official tweet was constantly updated. On September 26, Moonshot posted a tweet "Moonshot's highest trading volume ever" and accompanied it with MOODENG hippopotamus emoticons.

On September 27, Moonshot popped up a reminder that MOODENG had achieved a 100-fold increase since it was listed on the app, and also launched a vote to "change Moonshot's name to MOODENG". On the other hand, MOODENG's official Twitter account often recommends the community to use Moonshot to purchase tokens on its homepage.

Dune data shows that from September 24 to September 28, the market value of MOODENG quickly rose from about US$100 million to about US$300 million. During this period, the daily fee of Moonshot quickly rose from about US$3,681 to US$24,000, and the number of daily trading users increased from 396 to 3,458.

While MOODENG was pushing Moonshot "out of the circle", Murad was delivering his "memecoin supercycle" super speech at the Token2049 conference in Singapore and calling for $SPX6900. Since the beginning of September, SPX6900 has increased its market value from less than $9 million to $900 million in one month. Moonshot had already listed SPX6900 before Murad gave his speech, and its market value at that time was less than $30 million.

The successive steps on the big golden dog have really made Moonshot have a "currency listing effect". The meme coin project also hopes to be listed on Moonshot. The meme coin APU on Ethereum has started to rise from a market value of about $60 million since the beginning of September. When the increase was about 2.5 times and the market value reached about $150 million, APU announced on October 6 that it would cross the chain from Ethereum to Solana chain through Wormhole to be listed on Moonshot. After that, APU continued to rise, and its market value was $330 million at the time of writing.

Although the "mutual achievement" with MOODENG has brought Moonshot rapid development, the daily fee has risen rapidly from US$3,700 at the end of September to US$32,000 last weekend, and the number of daily trading users has also increased from more than 300 to an average of nearly 4,000. However, since MOODENG, the number of Moonshot users has not increased significantly, and the daily fee has even experienced a period of decline. In the emotion-driven meme market, Moonshot brings memes more heat than trading volume.

Last week, AI meme coins became popular, and $GOAT, with a market value of over $500 million, was launched. For related reading, see "Behind the GOAT explosion, the hype expectations and concerns of AI meme｜100x review". Moonshot announced the listing of the coin when GOAT's trading volume suddenly increased and started to climb from the bottom. It accompanied GOAT from a market value of less than $40 million to $500 million, and the market once again witnessed the "magic" of Moonshot.

However, from the perspective of "currency listing effect", the trading volume on Moonshot accounts for a small proportion of the total trading volume of meme coins. At 1:00 am today, Moonshot launched the meme coin slop. According to Dune data as of around 16:00 pm, the trading volume of slop on Moonshot was $110,000, while according to Dexcreener data, the total trading volume of slop during this period was $46 million, which means that Moonshot contributed 0.2% of slop's trading volume.

From the chart, it can be seen that after the news of Moonshot was launched, slop rose by nearly 20% in half an hour, but it began to fall after reaching a market value of $50 million. The current market value is $25.48 million, which is nearly halved from the high point.

Pump.fun is the perfect partner for MoonPay

What many people don’t know is that Moonpay and Pump.fun are actually “fellow students”, both incubated by Alliance DAO, and have taken a step further on the road of “crypto new retail”. Alliance DAO founding partner QW once talked about Moonshot’s market opportunity in a podcast, saying that “there are not enough retail gambling scenarios in the market.”

Of course, the direction is not the only reason for Moonshot's success. What makes it better than its senior Pump.fun is its efforts in user experience.

One of the incubation principles of Alliance is: when developing encrypted products, we should not only focus on blockchain technology itself, but also ensure that our products can provide the same smooth and simple experience compared with those traditional Internet applications that are already very mature and have excellent user experience. Imran Khan, the founding partner of Alliance DAO, once tweeted that the competitors of encrypted products are not only other encrypted applications, but also the user guidance experience of traditional Web2 applications.

The day after Moonshot went online, it reached a cooperation with MoonPay. Moonshot's product highlights such as "fiat currency purchase, Applepay payment" all benefited from MoonPay's functions.

In terms of fees, users' additional expenses on Moonshot include two categories, namely, Moonshot official fees during the transaction process, and partner MoonPay fees during the deposit and withdrawal process. The former covers network fees (gas fees) and management fees. A 2.5% handling fee (between $0.3 and $6.25) is charged for transaction amounts below $250, and a 1% handling fee is charged for transactions exceeding $250.

For details of MoonPay's fee collection mechanism, please refer to the official description. The deposit and withdrawal fees for purchases using PayPal are 4.5% and 3.4% respectively. As for the payment function of Apple Pay, MoonPay began exploring it as early as 2022.

In addition to MoonPay, the non-custodial wallet Turnkey is also a partner of Moonshot. In the article published by TrunKey, introduction, after the user logs in to Moonshot, Turnkey will create a non-custodial wallet in the background, and the user only needs to register with an email or biometric technology (such as Face ID) to easily verify the transaction.

Alliance DAO, which has incubated Pump.fun, controls the product direction, MoonPay is responsible for the payment side, TurnKey is responsible for the wallet side, and the "first application that can easily trade meme coins with Apple Pay" is amazing. Thinking about it carefully, it is a natural outcome.

In the official description of Moonshot, there are specific listing standards that are not publicly stated, and it is mentioned that "in general, the total trading volume of tokens in 24 hours needs to reach about 1 million US dollars." Moonshot listed many coins in the early days, including MAGA, SCF, SPX6900, MUMU and other less well-known meme coins, and its "out-of-the-box work" is MOODENG.

Obviously, in terms of product experience, Moonshot has reached Alliance's ideal standard. Imran even proudly stated that many current founders of consumer startups have already taken Moonshot's user onboarding experience as their benchmark or model for learning.

There are already competitors in the fiat currency meme track

As a newcomer in the payment track, Moonshot has taken advantage of the meme bull market. Moonshot uses fiat currency payment as a breakthrough to further simplify the threshold for users to rush into memes. Moonshot's success lies not only in providing a more efficient transaction experience, but also in providing a new path for mass adoption for industry development.

Of course, the subdivided track of fiat currency memes will not leave Mooshot alone. There is also a fiat currency meme payment product that is comparable to Moonshot on the market: Prerich.

Prerich is an application that simplifies on-chain transactions. It has a slogan similar to Moonshot, "Buy memecoins with ease!". Prerich provides a user-friendly interface similar to Robinhood, which supports users to conduct fast and efficient on-chain transactions. Users can also log in with email and credit cards. Prerich's unique meme design interface has also become one of the factors that attract community users.

However, Prerich's listing effect is far inferior to that of moonshot, and it has not produced any golden dogs like Moondeng and GOAT. In addition to differentiated meme icon marketing, if Prerich wants to surpass moonshot, it needs to continue to launch golden dogs for support.

As long as the meme carnival of Crypto continues, there will be more innovative products in the payment track. In terms of fiat currency payment, moonshot has opened up a larger imagination space for mass adoption after taking the lead.

As the Binance of the meme world, Moonshot has not only brought huge liquidity and wealth-creating effects to the memes on the chain, but its products are closer to the model of Web2 and are also quietly changing later entrepreneurs.

欢迎加入律动 BlockBeats 官方社群：

Telegram 订阅群：https://t.me/theblockbeats

Telegram 交流群：https://t.me/BlockBeats_App

Twitter 官方账号：https://twitter.com/BlockBeatsAsia