LetsBONK dethrones Pump.fun with higher daily memecoin volume, token launches
Quick Take
- Recently-launched memecoin platform LetsBONK became the first memecoin launchpad on Solana to flip Pump.fun in daily token launches, token graduates, and volume.
- LetsBONK uses half of the revenue generated from token fees to buy and burn the BONK Solana memecoin, which was launched in December 2022 in the wake of the FTX collapse.
- The largest memecoin to come from the platform, Useless Coin, trades at a $264 million market cap.
- The price of BONK has risen 22% in the past 24 hours.
Memecoin launchpad LetsBONK, a.k.a. Letsbonk.fun or simply Bonk.fun, has surpassed longstanding leader Pump.fun with more memecoin launches, graduations, and volume in the past 24 hours, the first time Pump.fun has relinquished its leading position on Solana since the platform's launch in January 2024.
Dune dashboard creator Adam_Tehc first noted that LetsBONK overtook Pump.fun in 24-hour token launches early Sunday morning; by Sunday afternoon, in the United States, the divergence had widened, with LetsBONK logging around 15,600 token launches compared to Pump.fun's 11,500 in the past 24 hours.
via Dune, @Adam_Tehc
Beyond raw token launches, LetsBONK also saw more tokens graduate on Saturday, July 5, with 135 tokens graduating compared to Pump.fun's 103, according to Adam_Tehc's dashboard. Solana DEX aggregator Jupiter's data pegged LetsBONK's market share at 49.80% on Sunday afternoon, compared to Pump.fun's 40.90%, with the former platform seeing $86 million more in 24-hour trading volume, though Pump.fun had more than twice as many traders active on its platform.
"Still a long road ahead to make sure this is a daily occurrence, but the battle is on," LetsBONK's founder Tom, who goes by @SolportTom on X, wrote in response to the news. Tom launched LetsBONK in late April of this year.
LetsBONK supports the BONK memecoin, a Solana memecoin that was founded in the wake of the FTX collapse in December 2022 to improve liquidity on Solana, by using half of its fee revenue to buy and burn BONK tokens. Fee revenue is also used to buy BONKsol, a liquid staking token, and support other ecosystem initiatives.
The price of BONK has risen about 22% over the past 24 hours, according to The Block's BONK Price page.
The platform recently closed entries for a hackathon with a $200,000 prize pool. Tom said on X the LetsBONK team would take a few days to a week to review the submissions before issuing the prize money.
The platform's biggest memecoin launch to date, Useless Coin, currently trades at a market capitalization around $264 million at time of publication, according to CoinGecko data.
Pump.fun, which is reportedly seeking to raise $1 billion through an initial coin offering, is considering sharing protocol revenue with token holders, The Block recently reported. The Pump.fun team first teased a token launch in October, 2024.
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