Pump.fun has regained nearly 90% of the memecoins launchpads market share on Solana in just two weeks, while LetsBonk plummeted from 80% to only 3%.
Express Reversal on Solana
In the span of two weeks, the market of memecoins launchpads on Solana experienced a seismic shift. Pump.fun, which held only 5% of the market at the beginning of August, now controls almost 90% of the market. Its direct rival, LetsBonk, is plummeting rapidly: from an 80% dominance two weeks ago, the platform now captures only about 3%.
Behind these numbers, a simple observation emerges: the ‘graduated tokens,’ considered the most reliable indicator of actual activity, have soared on Pump.fun. At the same time, transactions and active wallets on LetsBonk have plummeted drastically.
Why LetsBonk is Collapsing
Part of the explanation lies in the departure of the largest memecoin creators. According to on-chain analyst @WazzCrypto, the top ten deployers, often bots, massively shifted towards Pump.fun, causing an almost instantaneous transfer of liquidity and activity.
The phenomenon is not isolated. Already in July, Conor Grogan from Coinbase noted that the majority of new tokens on these launchpads were generated by bots, with some accounts creating an average of one token every three minutes. When these actors change sides, an entire ecosystem shifts.
The Key Role of PUMP Buybacks
Another catalyst: Pump.fun’s aggressive strategy around its native token, PUMP. After raising $600 million in July through a lightning public sale, sold out in 12 minutes, the platform launched a wave of massive buybacks. By using its revenue to repurchase millions of tokens, it created a suction effect on the market and bolstered the confidence of its users.
These buybacks, combined with internal discussions on a possible revenue sharing with PUMP holders, fuel speculative interest in the protocol.
LetsBonk Seeking a Countermove
On the other hand, LetsBonk is not backing down. The community platform, associated with the BONK token, is preparing a counter-offensive. A new ‘Points’ tab has appeared on its interface, hinting at a rewards system aimed at reactivating loyalty among creators and traders. Additionally, 1% of generated revenue is allocated to repurchasing certain flagship pairs in the BONK ecosystem.
But the pressure is immense: the BONK token, itself losing momentum, is now trading over 50% below its ATH. A challenging context that makes the gamble even riskier.
A Market Losing Steam
Although Pump.fun seems to have regained the upper hand, the overall momentum is fading. After peaking in January when the platform generated between 4 and 6 million dollars in daily revenue, the Solana memecoins market is showing signs of saturation. Bots, buyback strategies, and launchpad wars maintain volatility, but the excitement is no longer as explosive as it was at the beginning of the year.
The Pump.fun, LetsBonk showdown illustrates a simple reality: in the ultra-fast world of memecoins, dominance can change in a matter of days, depending on bot migrations and tokenomics strategies. And for investors, the risk remains as high as the speed of these reversals.
