Power Transition: The Throne Struggle from Pump.fun to Let'sBONK

"Power never belongs to anyone. It is like water, always seeking the next container." This statement applies not only to ancient dynasties but is also relevant in today's crypto world. The memecoin Launchpad landscape on the Solana chain is witnessing a power transition.

Once the dominant player, Pump.fun controlled 88% of the market share just a month ago, but now it has only 13%, while the new challenger Let'sBONK has taken 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 forget that attention is the ultimate moat, even the largest 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 it revolutionized the issuance logic of meme coins with a single statement: "You upload a picture, give it a name, click a few times, and you've created a coin, costing less than $2, without needing any code." It satisfies a fundamental impulse to turn "worthless" into "valuable." 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.

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However, the tragedy began with its most "innovative" live streaming feature. In order to gain attention, some individuals started to engage in extreme behaviors during live streams, including instances where underage users threatened their family members with firearms. Pump.fun was forced to shut down the live streaming feature, but its reputation was already ruined. That week, revenue plummeted by 66%, public opinion turned against them, and competitors began to seize the opportunity.

In the face of adversity, Pump.fun chose to self-rescue through the issuance of the token ( ICO ). This ICO raised $500 million in 12 minutes, along with $700 million in private placements. However, there are controversies surrounding the token distribution and unlocking mechanism, and the price quickly fell after a brief rise. Worse, the co-founder publicly announced the cancellation of the long-promised airdrop, further undermining community confidence.

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Let's BONK's Rise

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, which is 5 times that of Pump.fun. From nearly zero in May to steadily breaking the daily revenue of $1 million in July, Let'sBONK's revenue has been on a steady rise.

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Let's BONK use 1% of its weekly revenue to buy back BONK tokens, supporting this ecological token that predates the platform's birth. In contrast, the PUMP token has dropped 60% in market value since its ICO.

The Victory and Defeat of Attention Economy

Pump.fun once took the lead due to network effects, but attention is fragile. A live streaming incident gave users reason to try alternative platforms, and Let'sBONK quickly became the "clean" choice. It's like when Myspace lost to Facebook; it wasn't just about features and scale, but also about cultural narrative.

Pump.fun is trying to turn the situation around by increasing the token buyback ratio and launching incentive programs, but these tactical measures are difficult to address the strategic issue of trust deficit. In contrast, Let'sBONK has built a true ecological reward system that is tied to user interests, making users feel that they are participating in a greater mission.

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A Bigger Picture

In the digital market, a dominant position can disappear in a matter of months. The collapse of Pump.fun's reputation is equivalent to a survival crisis. The success of Let'sBONK is not due to them building fundamentally superior products, but rather because they entered the market at the moment their competitors were most vulnerable.

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Nevertheless, Pump.fun is not at the stage of exiting yet. They have $1.2 billion in funding as a buffer and still generate considerable revenue daily. Recent actions such as the launch of Pump.fun 2.0, increasing the buyback ratio, and user incentives show that they have not given up.

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The most likely scenario 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 must not only solve technical issues or rely on giving away money to retain users, but it must also rebuild trust and reclaim cultural dominance.

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

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