Solana Launchpad Market: LetsBonk Surpasses Pump.fun
Solana’s meme coin ecosystem experienced a significant shift as LetsBonk claimed the top spot in token launches for the first time all week.
In Brief
- LetsBonk generated 19,620 Solana tokens over the past 24 hours, more than double the 9,249 created by Pump.fun.
- On Sunday, LetsBonk tokens accounted for 58.5% of the Solana launchpad market share, eclipsing Pump.fun’s 35.2% dominance.
- Useless Coin (UCOIN), the largest token launched via LetsBonk ($275.9M market cap), represents the platform’s early success.
Since its January 2024 launch, Pump.fun had maintained near-monopoly control (nearly 100% market share as recently as April), making LetsBonk‘ recent lead a notable development.
Dune data underscores the recent reversal: Pump.fun created 9,249 tokens while LetsBonk deployed 19,620 in the last 24 hours alone.
Dune dashboard expert Adam Tech suggested the surge in successful BONK-based launches might not be entirely organic.
“Going over the [more than $200,000] BONK runners in the last 24 hours it seems like most are organic… Less than 30% look like some type of farm,” Tech tweeted. “If BONK takes over for good, the scammers will obviously migrate.”
What is LetsBonk?
LetsBonk is a Solana launchpad utilizing Raydium’s LaunchLab infrastructure to simplify meme coin creation. It is affiliated with the BONK token and shares some team members with the original Pump.fun.
Like Pump.fun, the platform requires basic details for token creation – name, ticker, description, and image – and allows control over total token supply.
Since its April debut, LetsBonk’s market share fluctuated but recently surged to 58.5% on Sunday, down from preceding levels that rarely exceeded 18%. Pump.fun, meanwhile, saw its share plummet to just 35.2%, a stark contrast to its earlier near-total dominance.
Top Tokens: A Look at Leading Meme Coins
LetsBonk’s standout token remains Useless Coin ($275.9M market cap). Other significant debuts include Hosico Cat ($69M) and IKUN ($25.4M).
For Pump.fun, the top tokens continue to be Fartcoin ($1.2B), WOULD ($505M), and Peanut the Squirrel ($221M).
Key figures from LetsBonk and Pump.fun declined immediate comment.
Precedent: Pump.fun’s Past Challenges
This isn’t the first challenge to Pump.fun’s reign. Last August, Tron’s SunPump briefly wrested the crown following a viral campaign by creator Justin Sun. However, Pump.fun regained dominance just two weeks later, and SunPump has faded significantly since, processing only three transactions recently.
