Pump.fun memecoin dominance plummets as rival projects lure traders
The controversial token generator, that has made almost $780 million, in fees since its launch in January 2024 accounted for less than half of all new memecoins on the Solana blockchain in the last 24 hours.
It's a notable break from Pump.fun's dominance of the Solana memecoin market, which was as high as 90%, in terms of tokens created daily, just two months ago
Instead, LetsBonk has become the new power player with more launches, and seemingly more momentum.
LetsBonk accounted for 18,620 token launches in the last 24 hours, according to a Dune dashboard by the analyst who goes by Adam_Tehc. That's more than twice the number managed on Pump.fun, and the first time another platform has outpaced Pump.fun in a single day.
The results aren't just about the number of tokens launched in a single day.
LetsBonk tokens were more successful than their Pump.fun counterparts in another key metric: the number of memecoins that graduated.
On token generators like Pump.fun and LetsBonk, a newly launched memecoin graduates when it raises enough Solana 2coins on its bonding curve to be listed on a decentralised exchange like Raydium. In the memecoin world, graduating could mean visibility to traders and possibly virality.
Competition among these token launchpads has grown even fiercer as Solana's memecoin mania has cooled. Memecoins peaked as a crypto market segment at $127 billion in December but have since slumped to $56 billion.
What's driving the rise of LetsBonk?
The platform reinvests half of the fees earned to buy Bonk, a $1.7 billion Solana-based memecoin. Data from the platform's website shows $5.3 million worth of Solana has been used to buy back Bonk.
Meanwhile, Pump.fun routinely sells off the Solana coins earned from fees without any investment in its community.
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 its position as the largest token launcher on Solana, Pump.fun remains the most popular memecoin generator.
The platform attracted almost three times as many users as LetsBonk in the last 24 hours.
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