The Power Transition of the Solana On-Chain Memecoin Ecosystem

“The king is dead, long live the king.” This declaration echoed in the Palace of Versailles in the 18th century, reflecting an eternal truth about power: power never belongs to anyone; it flows like water, always seeking new vessels. This ancient ritual is now being played out in the memecoin Launchpad sector on the Solana blockchain.

The former leader Pump.fun has seen its market share plummet from 88% to 13% in just one month, while the new challenger Let'sBONK has captured 86% of the market. This is not only another manifestation of volatility in the crypto world but also a typical case of empire collapse: when the ultimate moat of attention is overlooked, even the greatest first-mover advantage can disappear in an instant.

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The Rise and Fall of the Pump.fun Empire

Pump.fun was launched in January 2024 by three young people in their 20s, with the core idea of turning “worthless” things into “valuable” things. Users only need to upload an image, give it a name, and with just a few clicks, they can issue a token at a cost of less than $2, without any programming knowledge.

By January 2025, Pump.fun generated over $458 million in revenue, launching thousands of new coins daily, with peak daily income exceeding $7 million. It is not only infrastructure but has also become synonymous with Solana memecoin culture.

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However, its most innovative live streaming feature has become a fatal weakness. In order to gain attention, some users have engaged in extreme behaviors during the live stream, including simulating self-harm and threatening suicide. This has forced Pump.fun to disable the live streaming feature, damaging its reputation and causing a 66% drop in revenue that week.

In the face of the crisis, Pump.fun chose to save itself through an ICO. Although it raised $500 million in 12 minutes, along with $700 million in private placements, its tokenomics design is controversial. The token price skyrocketed initially but quickly plummeted, showing a typical “death spiral” trend.

The final blow came when co-founder Alon Cohen publicly announced the cancellation of the long-promised airdrop plan, resulting in a 15% drop in token prices within 24 hours. This issue is not just about the airdrop itself, but rather a serious blow to user trust.

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The Rise of Let'sBONK

When Pump.fun fell into crisis, Let'sBONK was quietly building the elements that the competitors lacked: transparency, community orientation, and clear communication.

Currently, Let'sBONK's daily revenue has reached 1.3 million USD, which is 5 times that of Pump.fun. From almost zero in May to a stable daily revenue of over 1 million USD in July, Let'sBONK's revenue has been steadily increasing. In contrast, Pump.fun's revenue has plummeted from a peak of over 7 million USD in January.

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Let'sBONK will use 1% of its weekly revenue to buy back BONK tokens to support the ecosystem. In contrast, the PUMP token has dropped 60% in market value since its ICO.

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The Game of Attention Economy

Pump.fun once gained an advantage through network effects, but attention is fragile. A live broadcast incident gave users 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 strategies have not changed the competitive landscape. The issue lies not in tactics, but in the lack of trust at the strategic level.

Let'sBONK has created an ecological reward system that is tied to user interests. Users can earn revenue shares from ecological products by locking their assets, and they can also earn “Bonk points” through various activities. This gamified growth experience makes users feel like they are participating in a larger mission.

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A Broader Perspective

In the digital market, a dominant position can vanish in a matter of months. The collapse of Pump.fun's reputation directly threatens its survival. The success of Let'sBONK lies not only in its product advantages but also in the timing of its market entry.

Despite a significant shrinkage in market share, Pump.fun has not reached the point of exiting the market. They possess ample financial reserves, mature technology, and brand recognition. Recent measures such as the launch of Pump.fun 2.0, increasing the buyback ratio, and user incentives demonstrate that they are still striving to fight back.

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In the future, the most likely scenario is market fragmentation, with Let'sBONK becoming the main platform, while Pump.fun transforms into a niche platform with loyal users. However, to truly turn the tide, Pump.fun needs to not only solve technical issues but also rebuild trust and reclaim cultural prominence.

As the wisdom of the French court goes: when a ruler loses legitimacy, no amount of resources can restore dignity. Sometimes, in order to continue the reign, power must be handed over to newcomers. In this power transition within the Solana memecoin ecosystem, we are witnessing the reaffirmation of this ancient truth.

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