[Herald Interview] Pump Space to take meme coins to next level

SEOUL, South Korea, Feb. 4, 2025 /PRNewswire/ -- This is an Interview with Bluewhale CEO Yoo Jin-sang by reporter Choi Ji-won from The Korea Herald:

Within a day of their launch, US President Donald Trump and his wife Melania Trump's meme coins, $Trump and $Melania, respectively, surged to the top of global cryptocurrency charts, amassing billions of dollars in value.

Despite having essentially no economic utility, due to volatility and a lock-up period, Trump's namesake tokens gained significant value, fueled by preinauguration buzz and the strong political message the self-styled "crypto president" sought to project, according to Yoo Jin-sang, CEO of Bluewhale, the operator of meme coin platform Pump Space (https://pumpspace.io).

"Trump effectively leveraged these meme coins to forge a strong community bond with his supporters," Yoo, known by his crypto community nickname "Nanbi," said in an interview with The Korea Herald. "Meme coins often embody resistance to traditional financial systems or carry satirical undertones, making them an apt medium for amplifying his political narrative."

Meme coins are typically created for fun, based on viral memes or cultural moments, and are often used for profit or to show support for a celebrity.

Trump's meme coin success was propelled by his fame and ardent fan base. Yoo hopes to democratize this experience with Pump Space, enabling ordinary people to create communities around shared values through meme coins.

Launched on Dec. 23, 2024, Pump Space operates on the Avalanche blockchain, enabling users to create and trade meme coins. Yoo compared it to Pump.fun, a similar platform founded in the US on the Solana blockchain that quickly gained traction after its January 2024 launch, generating over $400 million in revenue. The Trump and Melania meme coins were also created on Pump.fun.

While both platforms simplify meme coin creation, Yoo emphasized Pump Space's focus on community. "Meme coins often succeed for individuals with established communities, but Pump Space offers various tools and rewards to help ordinary users enhance value and ensure stable trading," he said.

One of Pump Space's unique features is its 100 percent return of transaction revenues for top-ranking listed coins. While the platform charges a 1 percent transaction fee on its decentralized exchange, or DEX, it returns all fee revenue to holders of the top 35 coins, offering a reward to encourage competition.

Yoo explains that this is possible because Pump Space operates its own DEX, unlike platforms such as Pump.fun, which partners with Raydium for external DEX operations. By managing its own exchange, Pump Space retains full control over the revenue generated.

The internal operation of the DEX also enhances the platform's security, which Yoo emphasizes as the most critical factor in running a meme coin platform.

"The key factor is fairness. While meme coins are volatile, they shouldn't be viewed as purely risky," Yoo said. "Safeguards are essential, and that's the platform's role."

To further ensure security and transparency, Pump Space requires creators to purchase their own coins to own them, minimizing the risk of sudden dumps by corporate creators, a common issue that undermines stability and increases exposure for individual holders for some coins.

In just a month, Pump Space has grown to over 5,000 followers on its Telegram channel.

Yoo's goal from the outset has been global expansion. "We aim to popularize meme coins and allow anyone to execute creative ideas, form communities and create cultures," he said, adding that the platform hopes to become the world's second-largest meme coin launchpad by year-end, following Pump.fun.

Yoo envisions meme coins evolving beyond recreational purposes into practical applications, a shift already taking shape on Pump Space. SSAP, a donation-focused coin, has united like-minded holders to start a branded T-shirt line, with all profits directed to charity. Strong community support has driven SSAP's value up 23,000 percent since its launch.

"We anticipate meme coins to transcend beyond their entertainment-driven roots, opening up opportunities for broader uses such as community funding, social campaigns and in-game assets," Yoo said. "We hope Pump Space can lead this trend, becoming a central hub for meme coin generation and a partner for users seeking greater value."

SOURCE The Korea Herald