Memecoin launch platform, LetsBONK, also known as Letsbonk.fun or Bonk.fun, has overtaken the previously dominant Pump.fun in terms of daily memecoin launches, graduations, and volume. This is the first instance since its inception in January 2024, where Pump.fun has forfeited its leading position on the Solana platform.
Adam_Tehc, the creator of the Dune dashboard, initially noted that LetsBONK surpassed Pump.fun in terms of 24-hour token launches on early Sunday morning. By Sunday afternoon, in the U.S., LetsBONK had registered approximately 15,600 token launches, compared to 11,500 by Pump.fun in the past day.
Beyond just the token launches, LetsBONK also witnessed an increase in token graduations on Saturday, July 5, with 135 tokens graduating as against 103 by Pump.fun, as per Adam_Tehc’s dashboard. Data from Solana DEX aggregator, Jupiter, showed LetsBONK’s market share at 49.80% on Sunday afternoon, compared to Pump.fun’s 40.90%. LetsBONK saw $86 million more in 24-hour trading volume, though Pump.fun had more than double the active traders on its platform.
LetsBONK’s founder, Tom, who is known as @SolportTom on X, responded to this development, stating that there’s still a long journey ahead to ensure this becomes a daily occurrence, but the competition is definitely on.
LetsBONK supports the BONK memecoin, a Solana memecoin, created following the FTX collapse in December 2022 to enhance Solana’s liquidity. Half of its fee revenue is used to purchase and burn BONK tokens. Fee revenue also goes towards buying BONKsol, a liquid staking token, and supporting other ecosystem initiatives.
According to The Block’s BONK Price page, the price of BONK has increased by about 22% over the past 24 hours.
LetsBONK recently concluded a hackathon with a $200,000 prize pool. Tom mentioned on X that the LetsBONK team would take a few days to a week to review the submissions before distributing the prize money.
The largest memecoin launch on the platform to date, Useless Coin, currently trades with a market capitalization of approximately $264 million as per CoinGecko data.
Pump.fun, on the other hand, is reportedly planning to raise $1 billion through an initial coin offering and is considering sharing protocol revenue with token holders.
