Over the past few weeks, another memecoin trading mobile app has been making rounds as memes continued to dominate mindshare: Moonshot.
I first came across Moonshot from a viral UGC ad for the app. It certainly raised my eyebrows, and probably did the same for others. Especially since their target market seems to be Gen Z users with dreams of making a quick 100x.
Intentional low blow to teachers (shout out to the educators out there), and undeniably effective as this post got 500k+ views.
Last week, I finally downloaded the app and went through the onboarding experience. Unfortunately, Iâm not a memecoin millionaire, but I have 6 themes and observations worth sharing from Moonshot.
1. UGC content
As shared above, the Moonshot team excels at UGC content and leans into the motivations of why people buy memes in the first place. No need to sugarcoat it, people buy memes for the minuscule chance of making it big.
PS: Iâll be referring to memecoins as memes for the rest of this piece. Iâll come back to this later.
There are several types of UGC content that help with new user acquisition:
Using Moonshot in school or school-related settings
Similar to the above, these organic UGC ads are focused on targeting students in school settings.
Above example in a classroom
Doing work/studying at Dunkinâ Donuts and taking a break to buy a meme on the app
Taking a Zyn and buying memes while listening to a lecture
Applying to college while watching a friend buy memes with $210k on the Moonshot app
Although I donât think these scenarios are real, I really hope Moonshot users sign up for a tax course ASAP đ
These UGC-styled ads with the school theme can expand a lot more. Off the top of my head:
Group project with the slacker buying on the app
Buying memes while walking to the next class
Sitting alone at lunch. What are they doing on their phone?
The Moonshot Effect
Moonshot listings have been a positive signal for many meme communities, dubbed âThe Moonshot Effectâ. Moonshot helps memes reach a net new audience, increasing the likelihood of success in price and holder terms.
As a result, many of these communities celebrate this blessing of sorts. Historically this blessing of credibility has been reserved for centralized exchanges that have large established user bases. Now weâre seeing some of these dynamics evolve with new entrants Moonshot. This possible shift in platform influence is worth watching.
On top of this, some communities supply giveaways for users to claim, helping provide awareness and potential follow-on buys.
Actual user UGC
Moonshot has several features that make the app particularly shareable:
Referral rewards with a spinning wheel element
Notifications with language that encourages sharing
Shareable cards displaying gains
Iâll get into these in more detail below. Weâre still on #1 holy crap lol.
2. App size
When I finally came around to downloading Moonshot last week, I was expecting a friendly and efficient onboarding experience.
What I didnât expect was the app taking about 3 seconds to download. When I download a new app, I typically swipe over to something while I wait for the download to complete. Not with Moonshot. Before I could decide which app to check, Moonshot was ready to open.
Who knows, maybe my internet was fast that day. But that experience immediately encouraged me to check Moonshotâs app size in the listing details and compare it to similar apps.
Speed matters, especially with onboarding. And from there, I continued the onboarding process.
3. Referral mechanic
Moonshot referrals employ a standard give/get model with a twist:
Both the referrer and referee get to spin a wheel of meme tickets
The referral reward ranges from a few dollars up to $100
The experience is designed to be recorded and shared, whether itâs captured as a video or a screenshot of the end card
Visual and audio effects with confetti and cha-ching help elevate the gamified experience
If you want to experience it yourself, use my referral link since I forgot to use a friendâs referral while onboarding. I want to experience the fun first-hand too đĽ˛
This referral program is similar to tried and true stock trading app referral programs that give new users free stock shares or credit for purchasing shares of their choosing.
Do you like referral bonuses? If so, share or subscribe, and receive the bonus of my unconditional love!
4. Notifications
Moonshot has 3 types of notifications that encourage engagement:
Big buys
Price increases since Moonshot listing
New listings
These notifications encourage users to check the latest meme action and if they hold it, see how much theyâre up (or down). Assuming the Moonshot Effect is real, the second and third notification types complement each other:
If new listings on Moonshot typically outperform other memes, users should purchase the new listings
The âMEME UP 100xâ notification helps to validate this perception and induce FOMO, especially with the âsince listed on Moonshotâ language
Compare this with Coinbase price notifications, which donât have the same type of emotional impact.
Itâs silly to compare a $317B ecosystem that is Ethereum with GOAT, a $500M AI meme. However, this allows Moonshot to position its notifications in a way that Coinbase never could (or should for that matter).
5. App UI - Haptics
Aside from the near-instant app download experience, the other observation that left an impression on me while playing around was Moonshotâs liberal use of haptics â the vibrations that occur while interacting with the app.
Actually, liberal is an understatement. The app has haptics for every. single. tap. and. button. The only exception to this from what I can tell is if you press the back buttonâŚwhich at this point, why not add haptics to that? Maybe the devs forgot lol.
Looking at a new meme? Small vibration.
Inviting a new friend to use the app? Small vibration.
Checking the Terms of Service? Small vibration.
Iâve never seen an app use haptics in this way before and as impractical as it in terms of best practices, it stands out and works for its purpose. Trading memes is a high-adrenaline experience and haptics on everything kicks it up a notch.
The most interesting implementation of the haptics feature is when you tap into a meme, a live feed of buys and sells appears above the buy/sell button, similar to app notifications that show up and disappear after a couple of seconds.
This type of UI replaces a standard transaction feed, and with the haptics feature, encourages users to take action on the meme theyâre viewing.
6. Language
What are the holdings in the Moonshot app called? Tokens? Memes? Holdings?
Nope, Moonshots. A smart term considering the appâs namesake and the fact that these are quite literally moonshots.
And lastly, why âmemesâ instead of âmemecoinsâ? Just as NFTs as a term have had attempted rebrands to âdigital collectiblesâ, âdigital twinsâ, and a handful of other candidates, Moonshot is doing the same for memecoins, with a more compelling argument.
Bonus points for The Social Network reference, where Sean Parker (played by Justin Timberlake) tells Mark Zuckerberg to drop âTheâ in TheFacebook to become Facebook.
Another consumer-friendly crypto app
And there we have it folks â another app thatâs easy to use, sticky, and bringing on new users.
They might not focus on the areas we prefer or want, but itâs clear that we now have apps that rival the non-crypto apps out there.
See you Thursday!