Power Transition of the Solana on-chain Memecoin Issuance Platform

"The king is dead, long live the king." This ancient proclamation expresses an eternal truth: power never belongs to anyone; it flows like water, always seeking new vessels. This truth applies not only to ancient dynasties but is equally relevant in today's crypto world.

The memecoin issuance platform on Solana is witnessing a dramatic power shift. The former dominant player, Pump.fun, saw its market share plummet from 88% to 13% in just one month. Meanwhile, the new challenger, Let'sBONK, has rapidly emerged, capturing 86% of the market. This is not just another example of volatility in the crypto market, but also a classic case of empire collapse: when the core moat of attention is neglected, even the largest first-mover advantage can vanish in an instant.

!7388151

The Rise and Fall of the Pump.fun Empire

Pump.fun was launched in January 2024 by three young people in their 20s. Its revolutionary concept simplifies the issuance process of memecoins: users only need to upload an image, give it a name, and with a few clicks, they can issue a token for less than $2, without any programming knowledge. This meets the underlying demand of transforming "worthless" things into "valuable" assets. In the crypto world, this is not a delusion, but a business model.

By January 2025, Pump.fun generated over $458 million in revenue, with thousands of new coins going live daily, peaking at over $7 million in daily revenue. It not only occupies the infrastructure but also dominates the cultural discourse, becoming synonymous with Solana memecoin culture.

!7388153

However, the tragedy began with one of its most innovative features: live streaming. Originally intended to allow token issuers to promote their tokens, it quickly spiraled out of control. Some users engaged in extreme behaviors during the live streams to gain attention, including simulating self-harm, threatening suicide, abusing animals, and even serious incidents involving underage users threatening their families with guns.

These events forced Pump.fun to urgently shut down its live streaming feature, but its reputation has taken a hit. Weekly revenue plummeted by 66%, public opinion turned against them, and competitors seized the opportunity. Faced with declining revenue and competitive pressure, Pump.fun decided to rescue itself by conducting a token issuance (ICO).

!7388154

This ICO can be considered a success on a technical level, raising $500 million from over 10,000 wallets in just 12 minutes, along with $700 million from private placements. However, there are many issues: a large concentration of funds in a few wallets, full unlock token design, and an opaque token distribution plan, among others. These factors led to a 60% drop in token prices in a short period.

The Rise of Let'sBONK

When Pump.fun finds itself in trouble, Let'sBONK is quietly building everything that its competitor lacks: transparency, community orientation, and clear communication. Currently, Let'sBONK's daily revenue has reached $1.3 million, which is five times that of Pump.fun. From nearly zero in May to steadily breaking through $1 million in daily revenue in July, Let'sBONK's revenue has been on a steady rise. Meanwhile, Pump.fun's revenue has plummeted from a peak of over $7 million in January back down to the levels of September 2024.

!7388155

Let'sBONK will use 1% of its weekly revenue to buy back BONK tokens, supporting this ecological token that predates the platform and already has a foundation. In contrast, the PUMP token has lost 60% of its market value since its ICO.

The Victory and Defeat of Attention Economy

Pump.fun once gained an advantage through network effects, but attention is fragile. Once trust collapses, the user's mindset can disintegrate instantly. Let'sBONK has become a "clean" choice, a platform without historical baggage.

Pump.fun attempts to turn the situation around by increasing the token buyback ratio and launching incentive programs, but the effect is limited. The problem lies not in tactics, but in strategy. No matter how many buybacks or incentive programs are implemented, it is difficult to regain lost trust and user attention.

!7388156

In contrast, Let'sBONK has built a truly user-interest-bound ecological reward system. Users can earn revenue shares from ecological products by locking their assets, and they can also earn "Bonk points" through various activities, which can be redeemed for physical items or benefits in the future. This gamified growth experience makes users feel that they are participating in a larger mission.

A Bigger Picture

In the digital market, dominant positions can vanish in a matter of months. The collapse of Pump.fun's reputation has led to a survival crisis. The success of Let'sBONK lies not only in product advantages but also in their ability to seize the market at the moment when Pump.fun's reputation was at its most vulnerable.

!7388157

Despite a significant shrink in market share, Pump.fun still has a chance to turn things around. They have ample financial reserves, a mature technological foundation, and brand recognition. The recently launched Pump.fun 2.0 includes real-time data updates and one-click trading features, demonstrating that they are still actively fighting back.

!7388158

The most likely scenario in the future 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 rebuild trust and regain cultural prominence, which may require a comprehensive strategic adjustment and even a change in leadership.

In this power transition, we once again witness an ancient truth: when a ruler loses legitimacy, no amount of resources can restore it. Sometimes, for the sake of the kingdom's continuity, the crown must be passed to a new person.

!7388159