Boop.fun was all the rage in the past week, attempting to take the crown of Pump.fun as the next big Solana meme launchpad. Within days, the creation of tokens slowed down significantly, despite the heavy promotion.
Boop.fun launched with flying colors and big promises as the second meme launchpad on Solana. The platform offered additional perks missing on Pump.fun, such as profit-sharing.
On the first day after its launch, Boop.fun created 10,877 tokens, of which 154 graduated to DEX. This activity level resembled Pump.fun on one of its weaker days, but has been the best day for Boop.fun so far. Soon after launching, the daily token creation sank by 90%, with as low as 1,072 tokens on May 4.
The platform was heavily promoted by crypto influencers and gained exposure in the very first days after its launch. So far, Boop.fun has interacted with around 85,000 unique wallets. Between May 106, the platform had a total of 22,643 tokens, less than a day’s worth of launches on Pump.fun.
The platform is still in its early stages, and is the first rival of Pump.fun to launch on Solana. Other contenders like TRON’s SunPump and Four.meme on BNB Chain have also tapped only a fraction of the Pump.fun traffic. Boop.fun is still trying to attract users to its trenches, this time with the promise of sharing fees with token creators.
The platform also attracts key opinion leaders (KOLs) as the main source of token creation.
Influencers from X created meme tokens of their own brand as a way to receive BOOP tokens and promote Boop.fun | Source: Boop screener
The big difference with Pump.fun is that any BOOP holder can stake the token and get a share of the platform’s fees. At the same time, KOLs and crypto celebrities will only get more BOOP if they launch a meme token and promote it.
This has created a new category, where KOLs use their brand to launch a new meme token. The success of those assets is yet to be proven and to see if crypto celebrities on X can sway some of the traffic from Pump.fun.
Binance’s Changpeng ‘CZ’ Zhao dampens enthusiasm for Boop.fun
One of the major sources of attention for Boop.fun was its addition to Binance Alpha, the regular list of curated tokens. Following the exposure, BOOP rallied close to $0.40. The token is still in its early stage and is extremely volatile due to low volumes.
The asset still relies on DEX trading, including PancakeSwap and Orca.
However, the attention from the Binance ecosystem was not entirely positive. Binance’s founder Changpeng ‘CZ’ Zhao commented on the information that the project’s founder had a leadership role with the Binance exchange.
The founder of Boop.fun, known as Dingaling on X, has participated in the creation of PancakeSwap, though reportedly, he has never held an executive position with the company.
The additional exposure from ‘CZ’ Zhao did not help Boop.fun in its initial run. The coming days will show if KOLs will work well as token creators and replace the ‘trenches’ on Pump.fun.
