LetsBonk Takes the Lead in Solana Memecoin Launchpad Market
In recent weeks, LetsBonk has emerged as the dominant force in the Solana memecoin launchpad sector, now commanding a remarkable 64% share of the market for tokens launched. This swift rise in popularity marks a substantial shift since the beginning of last month, when LetsBonk only accounted for 5% of the market. In stark contrast, Pump.fun, the previous market leader, has witnessed a dramatic drop in its market presence, plummeting from 90% to a mere 24%.
The surge in LetsBonk’s popularity is undeniably impressive. In the past week alone, approximately 150,000 tokens were launched through the platform, representing a 14% boost from the week prior. Notably, July 18 saw LetsBonk achieve a single-day record of 26,600 newly created tokens.
A significant factor contributing to LetsBonk’s success is its effective track record of graduating tokens. Tokens that attract enough capital to attain listings on major Solana decentralised exchanges, such as Raydium, have demonstrated a substantial preference for LetsBonk. As of mid-July, the platform claimed an astonishing 79% market share of these graduating tokens, while Pump.fun’s share fell to only 18%. A record number of 282 tokens graduated from LetsBonk on July 16, marking a 20% increase over its prior high.
This upward trajectory has also been reflected in trading volumes. On July 18, LetsBonk recorded daily trading volumes of approximately US$179 million (AU$272.8 million), eclipsing Pump.fun’s US$52 million (AU$79 million). This is a remarkable turnaround for LetsBonk, which only a month prior averaged under US$10 million (AU$15 million) daily, in stark contrast to Pump.fun’s volumes exceeding US$100 million (AU$152 million).
The increased trading volume has significantly boosted LetsBonk’s revenue, with the platform generating over US$8 million (AU$12 million) in fees within a single week—about double the fee revenue reported by Pump.fun.
Challenges for Pump.fun and its Utility Token
Despite the rapid growth of LetsBonk, Pump.fun is facing an uphill battle. The platform’s newly launched utility token, PUMP, has encountered substantial difficulties since its debut. Although PUMP tokens sold out within 12 minutes of launch, their price, which initially surged by 72% to a peak of US$0.006878 due to company buy-backs, has since plummeted. As of now, PUMP’s value has dropped 45% from its all-time high and recently reached an all-time low of US$0.003602 — a price lower than that during its initial coin offering (ICO).
The decline in PUMP’s price appears intrinsically linked to the overall loss of market share experienced by Pump.fun, coupled with growing concerns in the community surrounding uncertainty regarding the airdrop date for PUMP tokens to initial supporters. While the launch announcement promised that the airdrop was “coming soon,” communications since then have been vague and lacking concrete details.
Conclusion
The swift ascendance of LetsBonk as the leading Solana memecoin launchpad underscores the dynamic nature of the cryptocurrency landscape. With a significant market share, impressive trading volumes, and robust token graduation rates, LetsBonk has positioned itself as a formidable contender. In comparison, Pump.fun has experienced a tumultuous period framed by dwindling market presence and challenges related to its utility token, PUMP. The coming weeks will be crucial for both platforms as they navigate this ever-evolving market landscape.
