- LetsBonk surpassed Pump.fun in daily memecoin launches on the Solana Blockchain.
- Pump.fun‘s share of new tokens dropped below 50% for the first time since January 2024.
- LetsBonk tokens now outpace Pump.fun tokens in terms of successful launches that reach decentralized exchanges.
- LetsBonk reinvests fee revenue into buying Bonk tokens, while Pump.fun sells its collected Solana coins.
- Despite the shift, Pump.fun continues to attract more users than LetsBonk.
LetsBonk has overtaken Pump.fun in the number of new memecoins created on the Solana blockchain, signaling a notable change in the market. This shift took place within the last 24 hours, as tracked by crypto analysts.
Data from Dune shows Pump.fun accounted for less than half of recent token launches, a significant drop from its previous status of 90% market share in daily token creation. LetsBonk reported 18,620 new tokens launched, more than double Pump.fun’s output for the same period. This marks the first time another platform has surpassed Pump.fun in daily new token launches since January 2024.
Both platforms allow users to generate memecoins—digital tokens usually themed as internet jokes or trends. To “graduate,” a memecoin must raise enough Solana tokens through a pricing method called a bonding curve, which lets it be listed on decentralized exchanges like Raydium. Data indicates that more LetsBonk tokens achieved this graduation milestone than Pump.fun’s tokens.
The competition follows a decline in overall interest for memecoins, whose market value peaked at $127 billion in December but has since dropped to $56 billion, according to CoinMarketCap. LetsBonk has gained momentum in part because it uses half of its platform fees to buy back Bonk, a Solana-based memecoin valued at $1.7 billion. Its website reports over $5.3 million in Solana spent on these buybacks. In contrast, Pump.fun sells its Solana fees without similar community incentives.
The stakes for Pump.fun couldn’t be higher, especially amid reports of a $1 billion initial coin offering, or ICO. Pump.fun hasn’t publicly confirmed the ICO.
Despite losing the lead in daily launches, Pump.fun still draws roughly three times as many users as LetsBonk, according to recent data.
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