The battle of meme coin issuance platforms: The decline of the Pump.fun empire and the rise of Let's BONK.

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The Flow of Power: The Throne of the Memes Issuance Platform

"The king is dead, long live the king."

This ancient declaration once echoed in the palaces of 18th century France, marking a rapid transfer of power. In the world of cryptocurrency, we are witnessing a similar transfer of power. The issuance platform for memes on the Solana chain is staging a modern version of royal succession.

Once the dominant leader Pump.fun held 88% of the market share just a month ago, but now it has only 13% left. The new challenger Let'sBONK has quickly risen, occupying 86% of the market. This is not just another manifestation of volatility in the crypto world, but a typical case of an empire collapsing: when the ultimate moat of attention is ignored, no matter how significant the first-mover advantage, it can vanish 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, and its simple operating model has completely changed the issuance logic of memes. Users only need to upload an image, choose a name, click a few times to issue a coin, costing less than 2 dollars, with no programming knowledge required.

This innovation satisfies the underlying impulse of people to transform "worthless" into "valuable." By January 2025, Pump.fun generated over $458 million in revenue, with thousands of new coins launched daily, peaking at daily revenues exceeding $7 million. It not only occupies the infrastructure but also controls the cultural discourse, becoming synonymous with Solana memes culture.

However, the tragedy began with one of its most innovative features: live streaming. Originally designed to allow coin issuers to promote their tokens, it spiraled out of control due to the extreme behavior of some users. In November 2024, the platform was forced to shut down the live streaming feature, but its reputation had already taken a severe hit. Weekly revenue plummeted by 66% overnight, and competitors began to take advantage of the situation.

Facing declining revenue and competitive pressure, Pump.fun decided to rescue itself through token issuance (ICO). This ICO was technically a success, raising $500 million from over 10,000 wallets in just 12 minutes, along with $700 million in private placement. However, the distribution and unlocking mechanism of the tokens sparked controversy. Most tokens were snapped up by a few wallets, fully unlocked with only a brief transfer restriction period.

The token price soared 75% in the initial stage before rapidly cooling off, dropping 60% within weeks, showing a typical "death spiral" trend. The design of the tokenomics is also under scrutiny, with 67% of the tokens held by the project team, and the distribution timeline is unclear. Despite users generating nearly $750 million for the platform, there are no immediate community rewards. Meanwhile, private investors dumped $160 million worth of tokens on the exchange, creating significant selling pressure.

The final blow came when co-founder Alon Cohen publicly announced the cancellation of the long-promised airdrop plan. This decision led to a 15% drop in the token price within 24 hours, at a time when community trust was at its most fragile.

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The Rise of Let'sBONK

When Pump.fun is in crisis, Let'sBONK is quietly building everything that its competitors lack: 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 steadily breaking the daily revenue of one 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, falling back to the level of September 2024.

Since the ICO, the PUMP token has lost 60% of its market value, while BONK has remained relatively stable with a market value of 2.1 billion dollars. Let's BONK allocates 1% of its weekly revenue for the repurchase of BONK, supporting this ecosystem token that predates the platform and has an established foundation.

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Shift in Attention Economy

Pump.fun once took the lead due to network effects, forming a self-reinforcing loop: developers issue coins there because traders are there; traders are there because the hottest memes are launched there. This flywheel effect seems unstoppable.

However, attention is fragile. It is not as solid as the moats of traditional businesses. Once trust collapses, users' mindset can disintegrate in an instant. The live streaming incident gave users a reason to try alternative platforms, and Let'sBONK quickly became the "clean" choice.

This transformation is reminiscent of the process in which Myspace lost to Facebook. Myspace had features and scale, but lost the cultural narrative. Facebook became the platform for "real users," while Myspace became synonymous with spam, a chaotic interface, and marginalization.

After realizing the crisis of life and death, Pump.fun launched a counterattack. They increased the token buyback ratio from 25% of daily revenue to 100% and introduced a 30-day incentive program. However, these tactical adjustments did not change the competitive landscape.

The essence of the problem lies at the strategic level. No amount of buybacks or incentive plans can restore lost trust, nor can they re-gather the attention of users who have already shifted their focus.

Let'sBONK has built a truly user-centric ecological reward system. Its reward program allows users to lock their coins for 6 to 12 months and receive a proportional share of the platform's revenue. Users can also earn "Bonk points" through various methods, which may be redeemed for physical items or rights in the future, further incentivizing active participation.

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A Bigger Picture

In the crypto world, dominance can disappear in a matter of months. The case of Pump.fun illustrates the devastating impact of credibility collapse on an industry built on trust and memes.

The success of Let'sBONK lies not only in its product advantages but also in its entry into the market at the most vulnerable moment of Pump.fun's reputation. In the attention economy, timing is often more critical than technology.

Despite a significant shrinkage in market share, Pump.fun is not yet at the point of exiting. They have $1.2 billion in funding support and still generate considerable revenue daily. As a category pioneer, their brand recognition still exists. The recent launch of Pump.fun 2.0, along with measures to increase buyback ratios and user incentives, demonstrates their determination to fight back.

There are rarely permanent monopolists in the crypto space. 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.

To truly turn the tide, Pump.fun needs to rebuild trust and regain cultural dominance. This may require a comprehensive strategic adjustment, or even a change in leadership.

As understood by the ancient French court: when a ruler loses legitimacy, no amount of resources can restore dignity. Sometimes, for the sake of the kingdom's continuity, the crown must be passed to a newcomer. This ancient wisdom still applies in the rapidly changing world of cryptocurrency.

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PUMP-6.23%
BONK-5.7%
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