TLDR:
- Market: Pump.fun, the erstwhile market leader in memecoin launchpads for Solana, reached daily sales of less than $200,000 on 27th July 2025. LetsBonk, launched in April 2025, dominated the charts, capturing 69% of the memecoin launch market of Solana with more than 15,600 tokens in circulation.
The erstwhile “casino memecoin” launchpad of the Solana blockchain, pump.fun, is suffering brutal market share and revenue losses. The day’s revenue of pump.fun dropped to less than $200,000 on July 27, 2025, 50% lower than the last seven days when the day’s revenue hit a high of $426,000 and 80% lower than the all-time high of $1 million per day in June, per Dune Analytics data sent in @adam_tehc. In contrast, the competing launchpad letsbonk since its launch in April 2025 is the kingpin, taking 69% market share of the market for Solana memecoin launches after minting 15,600 tokens on July 27, in contrast to pump.fun’s 4,572 tokens—a record low market share drop from the 88% recorded in the prior month.
The rise of LetsBonk has reshaped the Solana memecoin landscape. The platform, backed by the BONK community and integrated with Raydium’s LaunchLab, has become the go-to launchpad for some of the hottest memecoins. Notably, USELESS COIN, launched via LetsBonk, achieved a market cap exceeding $314 million, while DEBT reached $18.8 million, showcasing the platform’s ability to drive significant projects. LetsBonk’s appeal lies in its low-cost token deployment, strong community support, and efficient capital access for new projects, drawing traders away from Pump.fun. Its revenue model, which allocates 30% of fees to buy back and burn BONK tokens and another 30% to support BONKsol validators, creates deflationary pressure and strengthens Solana’s ecosystem, further boosting its momentum.
By contrast, Pump.fun’s $PUMP token flopped, losing 55.7% of its value in 12 days to $0.0024, shattering euphoria in the wake of the sold-out 11-minute, $500 million ICO. Community dismay was also whipped up by platform co-founder Alon Cohen, who said that he would not mint a near-term airdrop, popping bubbles of expectations for further reimbursement. The site, which has earned the platform $722 million in fees since the January 2024 rollout, comes in for criticism of the “gamble-centric” business plan, in that 98.7% of its coins are destined for pump-and-dump or rug-pull traits, reports Solidus Labs.
The larger Solana memecoin environment is also in the crosshairs. Recent statement from project cofounder Anatoly Yakovenko that memecoins are the “digital slop” that signifies no value is in support of concerns of speculative mania. A U.S. class-action lawsuit also claims that the memecoin behavior of Solana is that of a “casino,” adding regulatory concern. In spite of the ills, the triumph of LetsBonk, driven through community building and tokens such as USELESS COIN, indicates the trend toward sustainable, clear launchpads. Although Pump.fun is still holding an audience near three times that of LetsBonk, its declining dominance shows the tipping point. With the resultant trend of LetsBonk, the trendsetters’ futures are to support rising projects, whereas the downfall of Pump.fun also demonstrates the peril of waning momentum through the crowded, uncertain marketplace.
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