Phantom wallet brings direct Pump.fun and Moonshot token swaps

Phantom, the leading Solana wallet, just brought the meme craze one step closer to users. The wallet will now directly display Pump.fun and Moonshot meme tokens.

Phantom wallet will now allow the viewing and buying of meme tokens just minutes after their launch, the firm posted Wednesday. This means the most widely used Solana wallet will provide users direct access to Pump.fun and Moonshot tokens, with the potential for swapping.

Swapping in Phantom just got more fun 💃

📲 Discover tokens from @pumpdotfun and @moonshotdotcc
💎 Buy memecoins within minutes of launching

⚠️ Assess potential risks with security metrics at your fingertips pic.twitter.com/Oa74ZwqEc0

— Phantom (@phantom) December 11, 2024

Phantom will display new tokens, as well as their bonding curve progress, potentially opening up the meme space to its 7M monthly active users. Pump.fun itself has upward of 1.5M daily active users, but they do not overlap with all Phantom wallet owners.

Potential traders will be able to use Phantom to find the best way of trading new meme assets. Solana on-chain swaps are still risky due to the potential for failed transactions, so aggregators and routers are key to successful swaps.

Phantom has added its own automated slippage, to perform swaps from within the wallet. Meme tokens are also extremely volatile and not all trades may be successful or lead to positive earnings.

The direct inclusion of new memes may lead to more discovery and exposure. The time span of minutes may be too long for some tokens, which are sniped even earlier but may expose the market to a wider pool of potential buyers.

On Pump.fun, only about 3% of wallets have earned over $1,000, as most tokens end up as rug pulls. For that reason, Phantom has issued a high-risk warning when engaging with newly launched tokens.

The addition of meme launchpad access follows other recent trends for Phantom, including support for the SUI L1 chain. Phantom also intends to offer cross-chain capabilities. The wallet still supports Bitcoin and the Ethereum ecosystem.

Pump.fun aims for volume recovery

The addition of meme tokens on the Phantom wallet arrives after Pump.fun activity slowed down from its peak. Both new launches and active users are off their all-time highs since the peak in late November. Pump.fun decreased the launch frenzy after the site removed its live-streaming feature due to overwhelmed moderation and dubious content.

Pump.fun trading volumes are trending downward. | Source: Dune Analytics

The platform is still the major source of new meme tokens. Moonshot has carved out a small niche for its own launches. However, daily new launches are just 2.5% of the total, with the rest still concentrated on Pump.fun.

An additional hit came from Pump.fun deciding to limit its users from the UK. The share of UK users is now down to 3.67%, as the platform warns it will stop serving UK users. For now, the decision originates with Pump.fun, and the ban does not come from UK regulators.

Pump.fun still receives most of its traffic from the USA, India, and Canada, which are all traditionally crypto-friendly regions.

Pump.fun ecosystem tokens keep growing their influence

Despite the slowdown of Pump.fun, its meme tokens have been successful. Only a handful of tokens graduate to prominence, but Pump.fun has produced three assets added to the Coinbase meme portfolio.

The most successful Pump.fun memes have moved on to larger exchanges while keeping a high profile on social media.

The ecosystem of Pump.fun tokens is now valued at over $7.23B, led by Peanut the Squirrel (PNUT) with a market capitalization of $1.3B. Pump.fun also started the trend of cult tokens and extended irrational holding, helping boost the entire meme space.

Other high-profile trends included AI agent tokens such as GOAT, Fartcoin, and Act I the AI Prophecy. Recently, Pump.fun also boosted the Just a Chill Guy token, the most prominent among assets inspired by TikTok trends.

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