From Peak to Decline: Insights on the Power Transition of the Solana Memes Issuance Platform

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

This ancient declaration once echoed in the Palace of Versailles in the 18th century. It reveals an eternal truth about power: power never belongs to anyone; it flows like water, always seeking the next vessel. Yesterday's monarchs may today become historical footnotes. The change comes swiftly, ruthlessly, and inevitably.

Today, this ancient power transfer ceremony is being enacted on the memecoin issuance platform on the Solana chain.

The former ruler Pump.fun, which held 88% of the market share a month ago, now has only 13% left. The new challenger Let'sBONK has seized 86% of the territory. This is not just another manifestation of volatility in the crypto world, but a textbook case of an empire's collapse: when you ignore attention, the ultimate moat, even the greatest first-mover advantage can instantly vanish.

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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 concept subverts the issuance logic of memes: upload an image, give it a name, click a few times, and you can issue a coin for less than 2 dollars, without any coding required. It satisfies a fundamental impulse to transform "worthless" things into "valuable" things.

By January 2025, Pump.fun generated over $458 million in revenue, launching thousands of new coins daily, with peak daily earnings surpassing $7 million. It not only occupied the infrastructure but also firmly held the cultural discourse power, becoming synonymous with Solana memecoin culture.

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However, the tragedy began with one of its most "innovative" features: live streaming. Originally intended as a function for issuers to promote their tokens, it evolved into a stage where some users engaged in extreme behaviors to attract attention. This forced Pump.fun to close the live streaming feature, damaging its reputation and causing revenue to plummet by 66% that week.

Faced with declining revenue and competitive pressure, Pump.fun made a seemingly clever yet ultimately fatal decision: to issue coin ( through ICO ) as a self-rescue effort. Although it raised $500 million in just 12 minutes, along with $700 million in private placements, its token economics design is aggressive and lacks immediate rewards for users.

The last straw was when the co-founder publicly announced the cancellation of the long-promised airdrop plan. This further undermined user confidence at a time when community trust was already at its most fragile.

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The Rise of Let'sBONK

When Pump.fun is in trouble, 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 dollars, which is 5 times that of Pump.fun.

Let'sBONK has built a truly user-centric ecological reward system. Users can lock BONK tokens to receive revenue sharing from ecological products and can also earn "Bonk Points" through various means. This structured reward system provides core users with clear participation incentives.

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Insights from the Attention Economy

The decline of Pump.fun and the rise of Let'sBONK reveal the harsh reality of the digital market: dominance can vanish in a matter of months. In an industry built on trust and memes, the collapse of reputation equates to a survival crisis.

The success of Let'sBONK is not because it built a fundamentally superior product, but because it entered the market at the moment when Pump.fun's reputation was most fragile. In the attention economy, timing is often more critical than technology.

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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 as pioneers. The recent launch of Pump.fun 2.0 and actions such as increasing the buyback ratio also demonstrate their determination to fight back.

However, to truly turn the tide, Pump.fun needs to do more than just solve technical issues or rely on handing out money to retain users; it must rebuild trust and reclaim cultural high ground. This may require a comprehensive reform of the token economic structure and even a change in leadership to completely distance itself from past controversies.

In this power transition, we once again witness an ancient truth: when rulers lose legitimacy, no amount of resources can salvage the situation. Sometimes, for the continuation of the kingdom, the crown must be passed to newcomers.

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