First of all, this article is not an attack on LetsBonk; the Bonk team led by Tom has done an excellent job in contributing to the Memecoin market, making it not worth retaliating against PumpFun. LetsBonk has already won the memecoin battle, so it continues to dominate in this field.
PumpFun is happening. Your first reaction might be to think the author is an idiot. First, look at some data that proves the situation with PumpFun is exactly the opposite.
LetsBonk not only occupies a certain share in the daily token allocation but has also become the 'leader' in the token allocation field.
Let'sBonk is currently leading in token allocation by about 3.7 times. It has gained a 65.1% market contribution in just one month. The number of graduation projects from Let'sBonk is about 7.8 times that of PumpFun. The number of tokens issued per graduation project by PumpFun also far exceeds that of Let'sBonk, making Let'sBonk a more profitable trading platform.
All indicators and charts seem to show discrepancies. So why would PumpFun trigger? Let's understand from a more macro perspective why PumpFun's strategic insights have been executed so perfectly.
PumpFun's revenue has fallen from $7.07 million to $469,000, a decrease of $6.601 million, with a 93.4% drop in 24-hour peak revenue.
Memecoin is dying. It has been in a continuous decline since February 2025. Not only has PumpFun's daily revenue dropped by 93.4%, but Let'sBonk's overall market size is also shrinking.
And the volume contribution might look like this:
But this corresponds to the actual market size of the company's competition as follows:
The chart does not take into account the significant increase in bot activity; the actual number of users has decreased more noticeably.
Since the emergence of celebrity coins, the risk appetite for Memecoin in Solana has been continuously recovering. Large-scale sell-off events like "MELANIA" and "LIBRA" have accelerated this trend.
Retail investors' risk appetite.
It can be said with certainty that Memecoin trading is no longer what it used to be. To analyze in detail why it is actually worse than it appears on the surface, one can refer to the previously published series of articles.
The Memecoin super cycle has entered its final stage.
For those companies hoping to survive long-term, Memecoin is not an ideal investment choice. Memecoin trading has evolved into a high-risk place where your money depreciates, not just an ordinary casino.
"Oh, but they are already addicted, so let's squeeze more money from the traders."
Even the dumbest gamblers have abandoned Memecoin because they know they will ultimately incur losses. Savvy market participants have developed very advanced tools and possess such a well-established information flow (FNF, insider coins) that ordinary market participants will be left further behind in the future. This situation will gradually recover, and the insider advantage will gradually increase, while the funds available to ordinary traders will gradually decrease.
So, why did PumpFun win again?
I want to ask you a question: If you were Alon (the principle of PumpFun), what would you do?
Option 1) Reserve $PUMP with the funds you raised.
Well, suppose he now takes out $200 million in funds, buys PUMP with it in the next $31 trillion, and uses the generated fees for a 100% buyback. Is everything solved now? No, not at all. Memecoin is currently on a downward trajectory. PumpFun still bears the heavy brand image of a "Memecoin launch platform." Rebuilding PUMP will not restore risk appetite to previous highs nor provide the liquidity needed for "investors." In the short term, it may boost market sentiment, but it won't revive Memecoin. This is a huge cash input in the capital market that cannot be sustained long-term.
Option 2) Airdrop $PUMP to users and create new liquidity.
The only effect of doing this is to inject funds into a shrinking market and an influx of new markets. PumpFun might also risk giving back some of the money they won't receive again, or worse, these funds could flow into the hands of sellers.
So far, Alon has executed the established strategy almost perfectly.
PumpFun needs to develop, but spending on Memecoin, a dead horse, is of no value.
Let's take a look at the current situation.
Let'sBonk has invested most of its fees into BONK and GP, and it does not have substantial cash reserves. Insiders hold large amounts of funds in projects like BONK and USELESS, which they cash out and profit from via launch pads. Regardless of what happens next, they may attract attention, but their finances are tight.
PumpFun may be losing the Memecoin battle, but the market's expectations for the future of this field are so low that winning the war is actually worse than losing it.
Cryptocurrency researcher rasmr has expressed some views on how PumpFun should develop, with a key point being to build a $200 million project on PumpFun (such as ChillHouse). This is actually a completely unnecessary investment, further confirming that PumpFun is competing for an increasingly shrinking market. PumpFun may have given up on making Memecoin great again; otherwise, they wouldn't have gone a week without tweeting and would not have stopped competing with Let'sBonk.
Although I am not very familiar with the current internal situation of PumpFun, it is clear what Solana Labs is preparing: ICM. In the upcoming bear market cycle, utility will return to its chain.
Whatever happens next, PumpFun is financially well-prepared and can lead ahead of any other participants.
Though it seems ridiculous to think that Alon would give up on PumpFun.
PumpFun has such a mature internal resource network and company structure. You wouldn't simply give up a well-operating company just because you've cashed out a certain amount; no one would effectively do that. This idea is untenable in terms of business development; it is merely propagated by those degenerate gamblers accustomed to cash-out events. While Alon may not reinvest all reports back into the business, during the upcoming bear market cycle, Alon will try to successfully conquer the next Solana market.
In the upcoming bear market, $PUMP may be a coin worth holding long-term; if one believes this cycle can last a year, buying at the current price is also a good investment choice. The author holds PUMP spot as a hedge, believing that judging this cycle to be ending soon is wrong, and personally feels that almost no other liquid altcoin is better suited for this bet.
Keep an eye on ILV, MAGIC, RARE, A2Z.
