The battle for dominance in Solana’s memecoin launchpad market has swung once again. Pump.fun has surged to capture about 90% of market share, up from just 5% two weeks ago, according to data. Its main rival, LetsBonk, which recently controlled more than 80% of the market, has seen its share collapse to around 3%.
Market share is measured by “graduated tokens” — coins that have completed their launch process — which analysts consider a stronger signal of sustained activity than raw token launches. Alongside that decline, transactions and active wallets on LetsBonk have also fallen sharply, per data from a Dune Analytics dashboard.
A Fast-Moving Battle
Since July, Pump.fun and LetsBonk have been locked in a volatile competition for memecoin dominance. Market watchers point to a mix of factors behind the swings, including the role of bots, buybacks, and the behavior of top token deployers.
Popular crypto commentator @WazzCrypto noted that the top 10 memecoin creators, many of them bots, recently shifted activity back to Pump.fun.
“The top 10 deployers on BonkFun… just started deploying en masse to Pump.fun again, and the market share shifted 90% overnight,” he posted on X.
Conor Grogan, a director at Coinbase, has previously highlighted the extent of automation in the sector, noting that bots account for most launches. According to Grogan, some of the most active accounts create “one new token every three minutes.”
The great majority of tokens launched on PumpFun and LetsBonk are today run by bots; the below chart pulls new tokens launched on Letsbonk over the last 24 hours. The top accounts launch, on average, one new token every 3 minutes https://t.co/b5Inljc9z9 pic.twitter.com/S1GMqcrXkG
— Conor (@jconorgrogan) July 7, 2025
Pump.fun’s Buyback Strategy
Part of Pump.fun’s resurgence appears tied to its buyback of PUMP tokens, the platform’s native asset. In recent weeks, Pump.fun has been using revenue to repurchase tokens from the nearly 3 billion it sold during a public sale in July — a sale that raised $600 million and sold out in just 12 minutes.
The buybacks follow discussions within Pump.fun about potentially sharing protocol revenue with token holders, a move that could further incentivize loyalty among its community.
Can LetsBonk Bounce Back?
LetsBonk, built as a community-driven project, may be preparing a counteroffensive. The platform recently added a “Points” tab, hinting at a new rewards system designed to attract creators and traders. Earlier this year, LetsBonk pledged to allocate 1% of revenue toward buybacks of leading BONK ecosystem pairs, part of an effort to strengthen its market position.
🚨BREAKING: @bonk_fun has introduced a Points tab on its launchpad, suggesting plans to roll out a points system aimed at incentivizing creators and traders. The move follows a steep decline in its market share, as https://t.co/VS31GZ2FXq has taken the lead across key metrics… pic.twitter.com/qOy3GPFZTp
— SolanaFloor (@SolanaFloor) August 18, 2025
A Cooling Market, but Fierce Competition
The memecoin frenzy that defined early 2024 has cooled. During its peak in January, Pump.fun was generating between $4 million and $6 million in daily revenue. Activity has since slowed, but competition between launchpads remains fierce, with dominance shifting rapidly depending on token deployers’ strategies and community incentives.
