LetsBonk's rally to 50% of the meme market has Pump.fun on notice

LetsBonk.fun is taking over Pump.fun’s territory, with three consecutive days of rapid expansion. Despite claims that the platform’s traffic is driven by bots, the meme launchpad has also grown it has a solid organic ecosystem. 

LetsBonk is on track to take over 50% of the meme market. For the third consecutive day, the meme platform has been ahead of the previous leader Pump.fun in terms of newly minted tokens and graduations from the bonding curve. 

LetsBonk leads in token creation and graduations

LetsBonk took weeks to expand its token generation and graduations. Currently, the platform carries 49.5% of daily meme creations. A total of 192 tokens graduated on Wednesday, compared to 87 for Pump.fun. 

New token creations were once again above 22,000 on LetsBonk, while Pump.fun activity slowed down significantly to 8,151 tokens. 

For both platforms, on-chain evidence shows a top 100 list of wallets that generate most of the new tokens, apparently using bot-driven automation to launch and trade the assets. However, even with bots, the new platform showed it is possible to challenge Pump.fun successfully. 

Fees also reached a new record at $1.36M for the past day. The platform is now ranked 14th among fee-producing apps, while Pump.fun sank to position 20 with just $817K in the past day. The appearance and ascension of LetsBonk also challenged the narrative that Pump.fun has a unique community and a business moat that meant that no other platform can replicate its model and draw in users for the “trenches.”

Until recently, new platforms always lagged behind Pump.fun. That monopoly seems to be ending as the already strong BONK token community transitioned into meme activity. One of the main attractors of Pump.fun alternative is its more generous reward infrastructure. 

Pump.fun, on the other hand, showed slower activity after apparently delaying its native token launch. Some of the Pump.fun activity was also tied to eventual point farming, or increasing usage to achieve a higher token allocation in the event of an airdrop. For now, however, Pump.fun remains tokenless, while LetsBonk uses BONK as its unofficial asset. 

LetsBonk ecosystem tokens expand, led by USELESS

The ecosystem’s tokens have already expanded to around $500M. Over 50% of the value is locked in Useless Coin (USELESS), one of the oldest memes in the ecosystem. 

The ecosystem tracks mindshare, as traders return for the hottest tokens. USELESS still retains a 59% mindshare, with almost constant fluctuation in the top 10 assets. 

The meme platform has integrated sentiment metrics for each token, showing the latest trends and the hottest assets. 

The platform also tracks the success and rewards for its projects more closely. LetsBonk has paid out thousands of SOL as rewards to creators and technical participants in the first weeks of activity.

LetsBonk is yet to prove the sustainability of its model. In the past, the platform had high-activity days, followed by a slide to a lower baseline. The recent record activity in July marks a new stage in the platform’s evolution, potentially turning it into a top Solana app.

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