LetsBonk.fun Dominates: Now Controls Over 66% of Solana Meme Creation as Pump.fun Loses Ground

Solana's meme coin arena just got a new alpha dog—and it's not who you'd expect.

LetsBonk.fun eats Pump.fun's lunch

While most platforms fight for single-digit market share, LetsBonk.fun's brutal efficiency has captured a staggering two-thirds of all Solana meme creation. The numbers don't lie: 66% of new tokens now emerge from their ecosystem, leaving competitors scrambling.

Pump.fun—once the darling of degenerate creators—now watches helplessly as its moat evaporates. Their response? Probably another 'community-focused initiative' while their treasury bleeds out.

This isn't just a shift—it's a hostile takeover. And in true crypto fashion, nobody saw it coming until the charts screamed the obvious.

Pump.fun still carries the larger share of established tokens with a significant market cap and social media presence. Pump.fun tokens are still valued at over $4B and have more significant representation on exchanges. 

Whales drive token activity on Letsbonk

A significant part of graduating tokens and subsequent trading comes from a handful of top whales. The current meme model shows trading also depends on the raw number of new tokens, instead of carefully curated communities. Traders are tracking newly graduated assets instead of waiting for older memes to go through their cycles.

The top creators are suspected to be bots, as they have generated hundreds of tokens. The top address on LetsBonk generated 289 tokens per day, of which 42 graduated to exchanges, for a rate of 0.65%. The top whale wallet is also an active trader of older tokens like WAIFU and MAGA. The whale launched a total of 6,418 tokens, though the most prolific whale created 13,169 tokens, of which only 62 are traded on exchanges. 

Out of all graduating meme tokens, in general, only a handful retain any trading activity in a month. However, the rapid activity helps keep platforms afloat in terms of predictable daily revenues. 

LetsBonk peaked at $2M daily fees in July, after which daily revenues fell slightly. As of August 4, LetsBonk was ranked 18th based on fee production, with over $748K for the day. Pump.fun habitually brings under $500K in daily fees. 

SOL retreated to a lower range at $163.25, following a recent market correction. The network retained 50% of its daily active users from the July peak, at around 2.69M. 

The meme market increased SOL demand for fees and trench trading. Currently, SOL still awaits a breakout based on its DeFi sector and lending. The eventual approval of ETFs may also boost demand. Solana total value locked recovered to $9.57B, driven by the expansion of Kamino Lend. The chain also carries over $12B in stablecoins, preparing for another round of expansion.

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