Power Shift in the Solana Memecoin Launchpad Landscape

"The king is dead, long live the king." This ancient proclamation reveals an eternal truth about power: it never belongs to anyone, it flows like water and always seeks new vessels. In the world of cryptocurrency, this ancient ceremony is being played out in the memecoin Launchpad space on the Solana chain.

The former dominant player Pump.fun controlled 88% of the market share just a month ago, but now it has only 13% left. The new challenger Let'sBONK has already captured 86% of the market. 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 instantly vanish.

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The Rise and Fall of the Pump.fun Empire

Pump.fun was launched by three young individuals in January 2024, revolutionizing 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, all for under $2, without any coding required. This satisfies the underlying impulse of transforming "worthless" into "valuable." By January 2025, Pump.fun generated over $458 million in revenue, with thousands of new coins going online daily, peaking at a daily income exceeding $7 million.

However, the tragedy began with its "innovative" feature - live streaming. To gain attention, some users engaged in extreme behaviors during the live broadcasts, including simulating self-harm, threatening suicide, and abusing animals. The most serious incident involved a minor who threatened their family with a shotgun in front of the camera. Pump.fun was forced to shut down the live streaming feature, but its reputation has already been severely damaged.

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Faced with declining revenue and competitive pressure, Pump.fun decided to rescue itself by issuing tokens (ICO). Although it technically raised a large amount of funds successfully, the token distribution and unlocking mechanism sparked controversy. After a brief increase, the token price continued to fall, showing a typical "death spiral" trend.

The final blow came when co-founder Alon Cohen publicly announced the cancellation of the long-promised airdrop. This not only caused the token price to plummet but also completely destroyed community trust.

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The Rise of Let'sBONK

When Pump.fun fell into crisis, Let'sBONK was quietly building everything that its rivals lacked: transparency, community orientation, and clear communication. Currently, Let'sBONK's daily revenue has reached 1.3 million dollars, which is 5 times that of Pump.fun. From nearly zero in May to a stable breakthrough of one million dollars in daily revenue in July, Let'sBONK's revenue has been steadily increasing.

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Let'sBONK allocates 1% of its weekly revenue to repurchase BONK, supporting this ecological token that predates the platform's inception. The market value of the BONK token remains relatively stable, hovering around 2.1 billion dollars.

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The Victory and Defeat of Attention Economy

Pump.fun once relied on network effects to gain an advantage, but attention is fragile. A live streaming incident gave users a reason to try alternative platforms, and Let'sBONK quickly became the "clean" choice.

Pump.fun attempts to turn the situation around by increasing the token buyback ratio and launching incentive programs, but these tactical measures cannot address the strategic issue of trust deficiency. In contrast, Let'sBONK has built a truly user-aligned ecological reward system, including lock-up rewards and a points mechanism.

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Future Outlook

In the digital market, a dominant position can vanish in a matter of months. The collapse of Pump.fun's reputation is equivalent to a survival crisis. The success of Let'sBONK lies not only in product advantages but also in seizing the weakest moments of its competitors.

Despite a significant shrinkage in market share, Pump.fun still has some advantages: ample financial reserves, a mature technological foundation, and brand recognition. Their recently launched Pump.fun 2.0 has added new features, demonstrating a determination to fight back.

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The most likely scenario is market fragmentation, with Let'sBONK becoming the main platform, while Pump.fun transforms into a leader in a niche market. However, to truly turn the tide, Pump.fun needs to rebuild trust and regain cultural prominence, which may require a comprehensive strategic adjustment.

In this power transition of the Solana memecoin Launchpad, we once again witness an ancient wisdom: when a ruler loses legitimacy, sometimes for the continuation of the kingdom, the crown must be passed to a newcomer.

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