Pump.fun ICO Under Threat as LetsBonk Dominates Market Share

Two years after $BONK dragged sentiment out of the gutter following its initial airdrop, the Bonk ecosystem is once again reigniting hope throughout the Solana community.

Within 73 days of launch, LetsBonk has successfully flipped launchpad kingpin pump.fun in daily revenue and trading volume, heralding a new era for Solana’s memecoin trenches.

What does LetsBonk’s newfound dominance mean for pump.fun’s $1B ICO, and which tokens benefit most from LetsBonk’s success?

LetsBonk Dominates the Trenches

LetsBonk, the memecoin’s native launchpad, has accomplished the unthinkable. On July 6th, LetsBonk flipped Solana’s original no-code token deployer, pump.fun, in both revenue and trading volume.

On top of superior volume and revenue, LetsBonk also boasts a higher token graduation rate. According to Jupiter’s Alphascan, 1.04% of all tokens created on LetsBonk fulfill their bonding curve, compared to 0.80% on pump.fun.

Despite LetsBonk’s dominance in volume, platform revenue, and token graduation rates, pump.fun retains what could be a significant advantage. Based on Dune Analytics data, the original memecoin launchpad still boasts the highest number of active wallets, constituting around 56.3% of address market share. However, these figures are inconclusive, given that a higher active wallet count could be artificially inflated by users trying to game the promised $PUMP airdrop.

LetsBonk now facilitates more token launches per day than all rival launchpads, despite pump.fun’s higher active wallet count,

pump.fun’s $1B ICO In Doubt

As if rubbing salt in the wound, LetsBonk’s newfound success looms large over pump.fun’s $1B token sale plans. After dominating onchain app revenue generation for over a year, pump.fun’s grip on the market is loosening, causing would-be investors to reconsider their support of the platform’s native token.

Based on Blockworks data, pump.fun recorded $399,246 in daily revenue. While this remains a staggeringly high figure when compared to the Web2 world, this represents pump.fun’s worst day since September 2024 and demonstrates a 60% drop in revenue over the last week alone.

Solana KOLs argue that network participants are eager to champion launchpad applications that support the wider ecosystem. With LetsBonk challenging pump.fun’s reign of power, commentators have highlighted the newcomer’s commitment to “giving back” to the ecosystem through buybacks and validator operation.

 

Others have stipulated that LetsBonk’s success could force pump.fun to launch its native token in a bid to regain attention. It is widely believed that pump.fun will implement a buyback mechanism into its tokenomics, allowing token holders to indirectly benefit from the platform’s revenue.

In a bid to differentiate itself from rivals, pump.fun is leaning heavily into livestream content. pump.fun advocates are calling the platform the ‘Twitch of Web3’, suggesting that ‘streamer coins’ could spearhead the platform’s return to dominance.

BONK Reclaims Solana Memecoin Crown

Spurred on by the promise of buybacks and cultural momentum, $BONK has surged over 58% in the last seven days, flipping $TRUMP and reclaiming pole position in Solana’s memecoin standings.

However, $BONK is far from the greatest benefactor of LetsBonk’s success. Graphite Protocol ($GP), the native token of the Taiyo Robotics NFT collection, exploded 792% on a weekly timeframe off the back of its involvement in the memecoin launchpad.

As a 40% owner of the platform, Taiyo Robotics founder and Solana OG SolportTom secured a 7.6% share of LetsBonk revenue for the $GP Reserve. These funds will be used to buy back $GP tokens off the open market.

Other benefactors include Raydium Launchlabs, LetsBonk’s underlying infrastructure provider. Courtesy of LetsBonk’s meteoric growth and the LaunchLads SDK, Raydium now operates Solana’s biggest token creator stack.

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