Despite the data showing that PumpFun is at a disadvantage in the competition with LetsBonk, and the overall decline of the Memecoin market, the author believes that PumpFun's strategy is perfect. They are preparing for the bear market and may win in the next market cycle. This article is derived from a piece by Miya, organized, translated, and written by PANews. (Background: Weekly income surpasses Pumpfun, how to value Hyperliquid (HYPE)?) (Background supplement: Pump.fun founder Alon’s live stream flops: questioned for 'not daring to speak the whole time', triggering a continuous drop in $PUMP) First of all, this article is not an attack on LetsBonk. The Bonk team, led by Tom, has done exceptionally well in capturing market share in the Memecoin space, making PumpFun not worth countering. LetsBonk has already won the memecoin battle and will continue to dominate in this field. PumpFun is winning. Your first reaction might be to think the author is an idiot. Let's look at some data that reflects exactly the opposite situation regarding PumpFun's victory. LetsBonk not only seized a certain share in daily token deployment but also became the 'leader' in the token deployment space. Let’sBonk currently leads in token deployment by about 3.7 times. It has gained 65.1% market share in just one month. The number of graduation projects for Let’sBonk is about 7.8 times that of PumpFun. The number of tokens issued by PumpFun for each graduation project is also far greater than that of Let’sBonk, making Let’sBonk a more profitable trading platform. All indicators and charts seem to show differences. So why is PumpFun winning? Let’s understand from a macro perspective why PumpFun's strategy has been executed so perfectly so far. PumpFun's revenue dropped from $7.07 million to $469,000, a decrease of $6.601 million, with a 93.4% drop in peak revenue over 24 hours. Memecoin is dying. They have been in a continuous decline since February 2025. Not only did PumpFun's daily revenue drop by 93.4%, but Let’sBonk's overall market size is also shrinking. Although the trading volume share may look like this: the actual market size of the competition between these two companies is as follows: This chart does not account for the significant growth of bot activity, and the actual user decline is even more pronounced. Since the emergence of celebrity coins, the risk appetite for Memecoins on Solana has been continuously declining. Large-scale sell-off events like 'MELANIA' and 'LIBRA' have accelerated this trend. Retail investors' risk appetite can be said to be drastically different now. To analyze in detail why it is actually worse than it appears, you can refer to the previously published series of articles. The Memecoin super cycle has reached its end. For those companies that hope to survive long-term, Memecoins are not an ideal investment choice. Memecoin trading has evolved from being just an ordinary casino to a high-risk venue that devalues your money. "Oh, but they are already addicted, so let's squeeze more funds from the traders." Even the most foolish gamblers have abandoned Memecoin because they know they will ultimately lose. Savvy market participants have developed very advanced tools and have such well-established information flows (FNF, insider coins) that ordinary market participants will be left behind in the future. This situation cannot be reversed; the insider advantage will gradually increase, and the capital available to ordinary traders will gradually decrease. So why is PumpFun still winning? Let me ask you a question: if you were Alon (CEO of PumpFun), what would you do? Option 1) Use your strong cash reserves to buy back $PUMP. Well, let’s assume he takes out $200 million in funds and gradually buys PUMP over the next 31 days, using the generated funds for a 100% buyback. Is everything solved now? No, not at all. Memecoin is still on a downward trend. PumpFun still bears the heavy brand image of a 'Memecoin launch platform'. Buying back PUMP will not restore risk appetite to previous high levels nor provide the liquidity required by 'investors'. In the short term, it may boost market sentiment, but it cannot revive Memecoin. This is a massive cash investment in a declining market, which cannot sustain itself in the long term. Option 2) Airdrop $PUMP to users and create new liquidity. Similarly, the only effect of doing this is to inject funds into a shrinking market and declining market share. PumpFun may risk giving away some money they can never recover, and worse, these funds could flow into the hands of competitors. Alon has executed the established strategy almost perfectly so far. PumpFun must develop, but investing in a dying Memecoin is of no value. Let’s look at the current situation. Let’sBonk has invested most of its costs in BONK and GP, and has no substantial cash reserves. Insiders hold large shares in projects such as BONK and USELESS, which they have cashed out through launch pads to make money. Regardless of what happens next, they may attract attention, but they are tight on funds. PumpFun may be losing this Memecoin battle, but the market's expectations for the future of this field are so low that winning this war may actually be worse than losing it. Crypto researcher Rasmr has expressed some opinions on how PumpFun should develop, with a key point being to build a $200 million project (like ChillHouse) on PumpFun. This is actually a completely unnecessary investment, further confirming that PumpFun is competing for a shrinking market. PumpFun may have given up on the idea of making Memecoin great again; otherwise, it would not have gone a week without tweeting and would not have given up competing with Let’sBonk. Although individuals do not know the specific internal situation of PumpFun, it is clear what Solana Labs is preparing: ICM. In the upcoming bear market cycle, utilities will return to their chains. Regardless of what happens next, PumpFun is financially well-prepared to lead ahead of any other participants. Although it seems ridiculous to think that Alon would give up PumpFun. PumpFun has such a mature brand, excellent resources within Solana, and a clear company structure. You wouldn't just because...

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