Pump.fun is a popular Solana-based marketplace that allows users to simply create and distribute their own tokens, particularly memecoins, and other fun-themed tokens.
Pump.fun stands out for its simplicity and playful look. It is designed to simplify the token creation process, making it accessible to both seasoned crypto enthusiasts and newcomers. With Pump.fun, you can quickly launch tradable tokens with minimal effort and cost.
In recent weeks, the site has been in the headlines with several celebrities, including Nigeria’s Davido, using it to launch their tokens.
🇳🇬Nigerian Celebrity, #Davido, Among Stars Cashing in on Celebrity Pump and Dump Crypto Craze
The Nigerian singer has a history of launching and promoting ‘multiple scams in the past,’ including ventures like RapDoge, Echoke, and Racksterli, the latter being an investment Ponzi… pic.twitter.com/Xir6DrV7fj
— BitKE (@BitcoinKE) June 3, 2024
Creating a coin is as simple as coming up with an attention-grabbing name and an eye-catching image and clicking the ‘Start a New Coin‘ button at the top of the homepage. Users can write a short description of the coin, as well as linking relevant social media channels, before paying 0.02 SOL (about $3) to deploy their token.
If the user is completely new to crypto, they’ll have to first fund their wallet with a small amount of Solana tokens purchased from an exchange like Binance or Coinbase.
Below is a step-by-step guide to help you launch your own memecoin using Pump.fun on the Solana network:
1.) Connect Your Wallet
Go to the Pump.fun website and use a Solana-compatible wallet, such as Phantom or Solflare. On the Pump.fun homepage, click the wallet connect button located at the top-right corner. Then, follow the instructions to connect your web3 wallet to the platform.
2.) Create your Token
Click “Start a new coin.” Enter a name, ticker symbol, description, and upload an image for your token. Pay a small fee of about 0.02 SOL to deploy your token.
3.) Buy Tokens on the Homepage
Explore the grid of available coins on the homepage. Select a token that interests you to see its details, including the price chart, comments, and recent trades.
Clicking on a specific token directs you to a page with more information, including a price chart, user comments, a list of recent trades, and an interface for buying or selling the token.
As demand for a token increases, its price rises along a curve, potentially benefiting early buyers. If a token reaches a market cap of $69,000, it gets listed on the Solana-based decentralized exchange, Raydium. At that point, $12,000 worth of the token is deposited on the exchange and then burned.
The platform profits through a 1% fee on swaps and a 2 $SOL bonus whenever a token makes it to Raydium.
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