Power Shift in the Solana on-chain Memecoin Launchpad Landscape

“The king is dead, long live the king.” This proclamation echoed in the Palace of Versailles in the 18th century, showcasing an eternal truth about power: power never belongs to anyone; it flows like water, always seeking the next vessel. This cold and rapid succession is currently playing out in the memecoin Launchpad space on the Solana chain.

Once the dominant force Pump.fun, which commanded 88% of the market share just a month ago, now holds only 13%. Meanwhile, the new challenger Let'sBONK has captured 86% of the territory. This is not just another manifestation of volatility in the crypto world but a textbook case of an empire's collapse: when the ultimate moat of attention is ignored, even the greatest first-mover advantage can vanish in an instant.

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The Rise and Fall of Pump.fun Empire

Pump.fun was launched in January 2024 by three young individuals in their 20s, and it has disrupted the issuance logic of meme coins: users only need to upload an image, give it a name, and with a few clicks, they can issue a coin for under $2, without any coding required. This satisfies the underlying impulse of transforming “worthless” into “valuable.” By January 2025, Pump.fun had generated over $458 million in revenue, with thousands of new coins launching daily, peaking with daily revenue exceeding $7 million.

However, the decline of Pump.fun began with one of its most innovative features: live streaming. Some users engaged in extreme behaviors during live broadcasts to gain attention, which damaged the platform's reputation. Faced with plummeting income and competitive pressure, Pump.fun decided to rescue itself by issuing tokens (ICO).

The ICO raised $500 million in 12 minutes, along with $700 million from private placements. However, there are issues with token distribution: most of the shares are controlled by a small number of wallets and are fully unlocked. The token price quickly fell after a brief surge, showing a typical 'death spiral' trend.

The final blow came when co-founder Alon Cohen publicly announced the cancellation of the long-term committed airdrop. This decision emerged at a time when community trust was at its most fragile, resulting in a 15% drop in token price within 24 hours.

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The Rise of Let'sBONK

When Pump.fun is struggling, Let'sBONK is quietly building everything that competitors lack: transparency, community orientation, and clear communication. Currently, Let'sBONK's daily revenue has reached $1.3 million, which is five times that of Pump.fun. From almost zero in May to steadily breaking the million-dollar daily revenue mark in July, Let'sBONK's revenue is on the rise.

Let'sBONK will use 1% of its weekly revenue to buy back BONK tokens, supporting this ecosystem token that predates the platform and has an existing foundation. In contrast, the PUMP token has lost 60% of its market value since its ICO.

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The Win-Loss of Attention Economy

Pump.fun once gained an advantage through network effects, but attention is fragile. An incident during a live broadcast gave users reason to try alternative platforms, and Let'sBONK quickly became the “clean” choice. It's like how Myspace lost to Facebook; it wasn't just about features and scale, but also about cultural narratives.

Pump.fun attempted to counteract by increasing the token buyback ratio and launching incentive programs, but these tactical measures could not restore the lost trust and user attention. In contrast, Let'sBONK has built a truly user-interest-aligned ecological reward system, including lock-up rewards and a points system.

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A Larger Perspective

In the digital market, a dominant position can vanish in a matter of months. The case of Pump.fun illustrates that in an industry built on trust and memes, the collapse of reputation equates to a survival crisis. The success of Let'sBONK lies not only in its product advantages but also in its entry into the market at the moment when Pump.fun's reputation was at its most fragile.

Despite a significant shrink in market share, Pump.fun still has a chance to turn things around. They have $1.2 billion in funding, a mature technological foundation, and lasting brand recognition. The recently launched Pump.fun 2.0 has introduced new features such as real-time data updates and one-click trading, showcasing their determination to fight back.

The most likely scenario in the future is market fragmentation, with Let'sBONK becoming the main platform, while Pump.fun transforms into a niche platform with loyal users. However, to truly turn the tide, Pump.fun must not only solve technical issues or rely on spending money to retain users, but it must also rebuild trust and reclaim cultural prominence.

In this power transition, we once again witness an ancient truth: when a ruler loses legitimacy, no amount of resources can restore their dignity. Sometimes, in order to sustain the ecosystem, leadership must give way to newcomers.

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