Right now, “user-generated content” memecoin creation & trading platforms are at a high. The first thing you need to understand is what are UGC Memecoins or "User-generated content" memecoins, and how do platforms such as pump.fun and Moonshot play a role. Then we will talk about how Phantom displays these tokens to you directly in your wallet.
What is Pump.fun? What is Moonshot?
Pump.fun is a trading platform and token launcher that allows users to create and trade UGC memecoins that are true SPL fungibles, but have no external price or liquidity. The price and simulated market cap live in pump.fun contracts with a bonding curve that estimates price and market cap changes based on buys/sells. Once the memecoin reaches a theoretical $69k market cap, pump.fun deploys the token to Raydium with liquidity so it is available to trade from any Solana interface.
Moonshot is also a trading platform and token launcher that makes it easy to create, memecoins. Similiarly to pump.fun, once tokens on Moonshot reach a market cap of $63.2k all remaining tokens and liquidty migrate to Meteora or Raydium.