The Power Transition in the Solana Ecosystem: The Rise and Fall of Memecoin Launch Platforms

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

This ancient declaration echoed during the changes of the French royal family in the 18th century. It is not only a mourning for the deceased but also an acknowledgment of the new monarch. At this moment, power flows from one vessel to another, as swift and unstoppable as water.

In the Solana ecosystem, the landscape of memecoin launch platforms is witnessing a similar power shift. Once the dominant player, Pump.fun, which held 88% of the market share just a month ago, now only retains 13%. The new challenger, Let'sBONK, has seized 86% of the market.

This is not only another manifestation of volatility in the crypto world, but also a classic case of empire collapse: when the ultimate moat of attention is neglected, even the greatest first-mover advantage can instantly disappear.

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The Rise and Fall of Pump.fun Empire

Pump.fun was launched in January 2024 by three young people in their 20s, and its simple operating method has disrupted the issuance logic of meme coins. Users only need to upload an image, give it a name, and with a few clicks, they can issue a token at a cost of less than 2 dollars, without any programming knowledge.

This satisfies an underlying impulse to turn "worthless" into "valuable." By January 2025, Pump.fun generated over $458 million in revenue, launching thousands of new coins daily, with peak daily revenue exceeding $7 million.

However, the tragedy began with one of its most innovative features: live streaming. Originally intended to allow token issuers to promote their tokens, the situation quickly spiraled out of control. In November 2024, a series of extreme behaviors appeared during live streams, including self-harm simulations, suicide threats, and animal abuse. In the most severe incident, a minor brandished a shotgun in front of the camera to threaten their family, just to pump the token price.

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Pump.fun was forced to shut down its live streaming feature, but its reputation has been severely damaged. Weekly revenue plummeted by 66%, public opinion turned against them, and competitors began to seize the opportunity. Faced with declining income and competitive pressure, Pump.fun decided to self-rescue by issuing tokens (ICO).

This ICO can be considered a technical success, raising $500 million from over 10,000 wallets in just 12 minutes, along with $700 million in private placement. However, there are controversies surrounding the token distribution and lock-up mechanism. Nearly half of the participants deposited funds into their wallets within 24 hours, suggesting the possibility of an organized buying strategy.

The token price initially soared by 75% to $0.007, but enthusiasm quickly faded. It fell by 60% within weeks, showing a typical "death spiral" trend. The tokenomics design has also been questioned, with 67% held by the project team and an unclear distribution timeline.

Despite users generating nearly $750 million for the platform, there are no immediate community rewards. At the same time, private investors sold $160 million worth of tokens to the exchange, creating significant selling pressure.

The final blow was the co-founder Alon Cohen's public announcement that the long-promised airdrop "will not happen in the foreseeable future." This decision was announced at a time when community trust was at its most fragile, leading to a 15% drop in token price within 24 hours.

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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. Annualized, Let'sBONK's monthly revenue amounts to 434.92 million USD, while Pump.fun is at 267.25 million USD.

Let'sBONK's revenue rose steadily from nearly zero in May to consistently breaking one million dollars in daily income by July. Meanwhile, Pump.fun's revenue plummeted from a peak of over 7 million dollars in January, falling back to levels seen in September 2024.

Since the ICO, the PUMP token has lost 60% of its market value, while BONK remains relatively stable with a market value of $2.1 billion. Let'sBONK will use 1% of its revenue each week to buy back BONK, providing support for this ecological token that predates the platform and has an existing foundation.

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The Victory or Defeat of Attention Economy

Pump.fun once seized the opportunity through network effects, attracting developers and traders to form a seemingly unstoppable flywheel.

But attention is fragile. It is not as solid as the moats of traditional businesses; once trust collapses, the user's mindset can disintegrate in an instant. An incident during a live broadcast gave users a reason to try alternative platforms, and Let'sBONK quickly became a "clean" new choice.

In the face of the crisis, 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 refocus the attention of users who have already shifted away.

In contrast, Let'sBONK has built a truly user-interest-aligned ecological reward system. Users can lock up BONK to receive a share of the revenue from ecological products, and they can also earn "Bonk points" through various activities. This gamified growth experience makes users feel that they are participating in a larger mission.

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A Bigger Picture

In the digital market, a dominant position can vanish in just a few months. Pump.fun's reputation crumbled, leading to its survival crisis, while Let'sBONK seized the market at the right moment.

The winner-takes-all logic of network effects is starting to reverse. After users migrated to Let'sBONK, the flywheel that once propelled Pump.fun to rise has also begun to reverse. Developers follow traders, and traders chase the hottest projects, accelerating the decline of the platform.

However, Pump.fun is not completely out of the game. They have $1.2 billion in funding, which buys them time and experimental capital. Their platform has supported hundreds of thousands of project launches without crashing, which is crucial in a high-pressure environment. They still generate over $250,000 in revenue daily, approaching $100 million annually, and with substantial capital reserves, the foundation remains.

The most likely scenario is market fragmentation. Let'sBONK may become the main platform, while Pump.fun transforms into a niche platform with loyal users, occupying a place with specific advantages.

But to truly turn the tide, Pump.fun not only needs to solve technical issues or rely on incentives to retain people, but must also rebuild trust and regain cultural high ground. This may require a complete overhaul of the leadership to completely break free from past controversies.

In this power transition, we once again witness an ancient truth: when a ruler loses legitimacy, no amount of resources or rituals can restore dignity. Only new leadership can earn the respect of the old. Sometimes, for the continuity of the kingdom, the crown must be passed to newcomers.

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