Author: Cookie
Repost: White55, Mars Finance
The 'Meme Launchpad Battle' between Pump.fun and Letsbonk.fun has been ongoing for a month since early July. During this time, we have witnessed Pump.fun complete one of the largest ICOs in cryptocurrency history and seen Letsbonk.fun launch an attack on Pump.fun's market share, successfully forming a suppression. In the meantime, some 'new characters' have joined the fray, and although they have not stirred up much in the short term, they are worth understanding and paying attention to.
Let's start with this data chart from Jupiter.
Although Letsbonk.fun has still occupied the top market share for the past 7 days, it currently shows a completely different direction from the hot spots within the Pump.fun ecosystem.
Pump.fun: Is the PVE market returning?
On July 24, after completing a live interview with threadguy, Pump.fun and its founder @a1lon9 entered a silence that lasted nearly half a month. Two weeks ago, everyone thought this was a live interview that could be called a 'public relations disaster', as it profoundly affected the price of the coin, with $PUMP dropping nearly 15% during the live broadcast, and the daily decline approaching 20%, once falling below a market value of $3 billion.
Since the end of this live broadcast to now, the gap in market share between Pump.fun and Letsbonk.fun has not significantly narrowed. However, since July 30, Pump.fun's reputation has significantly reversed.
The reason is simple—Community coins in the Pump.fun ecosystem have performed well during this unstable market period.
The image above was posted by Pump.fun's official Twitter on July 23, and the Meme coins in the Pump.fun ecosystem are regarded by many as 'officially selected'. Among these coins, $TROLL performed the best, having risen 9 times since July 25 and its market cap exceeding $100 million. During the same period, $Tokabu rose about 5 times and its market cap once exceeded $35 million. $USDUC rose 2 times at its peak, with its market cap once nearing $40 million. $CHILLHOUSE and $neet also gained similar increases to $USDUC, with their market caps once nearing $30 million and $18 million, respectively.
The newer faces in this arena have all been on the rise since July 25, with only 'streamer coins' and older coins like $FWOG and $michi, which have already had a large market value and have been around for over 300 days, not keeping up with this wave of momentum.
So what benefits are there for 'new coins'? It seems there are none, as the silence of Pump.fun and alon only ended two days ago. From a narrative perspective, these 'new coins' maintained high content output and community activity during the lowest point of Pump.fun, which at least aligns with Pump.fun's expectations for the long-term sustainable development of Meme coins.
The 'counterattack' from Pump.fun's official side was only revealed to us two days ago—$PUMP repurchase data dashboard.
In the past 6 days, we have repurchased approximately $PUMP worth 8,740 SOL, which is 102% of our revenue during this period.
And early this morning, Pump.fun's official Twitter updated the cover image, once again promoting the 'officially selected' Meme coins:
Interestingly, after the live broadcast on July 24, the Meme coins bought by the founder of Pump.fun were almost all in a state of loss. Now, however, his holdings have all turned to profit, and the extent is not small:
For the Meme coin market to recover, the first step is to 'put the clothes back on', meaning to restore players' confidence in Meme coins, believing that Meme coins are not just 'conspiracies'. Good narratives, good content, good communities, and continuous operations can ultimately make a Meme coin rise. Although we still need to observe the performance of these coins on Pump.fun, it can be said that if it can be maintained, this is a good start.
Next, Pump.fun still has many cards to play, such as airdrops and live broadcasts. This is a long journey after the first step. In the case where major exchanges like Binance and OKX no longer list new Solana Meme coins, Pump.fun must explore more possibilities.
The revolution has not yet succeeded; comrades still need to work hard.
Letsbonk.fun: A new coin house trapped in short-term bottlenecks
In the past 7 days, Letsbonk.fun's market share still exceeds 50%, maintaining the top position. The recovery of Pump.fun's voice is mainly due to the excellent performance of 'newly launched coins', but there haven't been many 'new coins' that have sparked widespread discussion.
In the past period, the 'hot coins', such as $Ani, have all occurred on Letsbonk.fun. The successful path that Pump.fun had in the past is now occupied by Letsbonk.fun.
In contrast, the 'large targets' on Letsbonk.fun have recently fallen into a correction. $USELESS has corrected from a peak market value of $400 million to around $200 million, $Memecoin has corrected from nearly $60 million to around $11 million, $Bluechip has corrected from a peak of $17 million to $1.5 million, and $Ani has corrected from a peak of $86 million to about $30 million.
$$BONK and $$GP have also dropped 36% and 63% from their peak, respectively.
Although related assets have performed poorly, Letsbonk.fun's buybacks and support for its ecosystem Meme coins have not stopped. Rather than saying the war between Letsbonk.fun and Pump.fun is still ongoing, it is better to say both are striving in their own ways. Only when the overall confidence in the Meme coin market is restored will both have a better future.
Peace and love, looking forward to the future performance of Letsbonk.fun.
Bags and Moonit: Old platforms, new tricks
Bags was originally a social trading application, and they launched the token launchpad feature on May 22. Moonit is a platform of Helio, which started in late April this year.
Recently, the focus on Bags has been on the 'donation narrative'. $CANCER donates 100% of its trading fee revenue to one of the most well-known and influential breast cancer charities in the world, Susan G. Komen. To date, it has donated $35,000 to this organization and has also transferred about 2.2% of $CANCER to them.
Because the coins launched on Bags can directly allocate the creator's trading fee revenue to a specific Twitter account, another token that has attracted attention, $WINRAR, has designated its token income directly to the official Twitter of the compression application WinRAR that almost everyone has used. This garnered a reply from WinRAR's official Twitter.
However, both of these coins ended like a gust of wind and are currently basically in a state of decline. As for the leading coin on the Bags platform, it is hard to say that this platform currently has a leader in terms of attention and market value...
Moonit's setup is much larger. They launched an AI protocol co-created by 9GAG, Memeland, Helio Pay, MoonPay, and Dexscreener, which can automatically tokenize internet culture and viral memes.
In simple terms, this protocol is to automatically issue tokens by recognizing popular memes on 9GAG through AI, equivalent to 'automatically launching selected hot projects on 9GAG'. This mainly connects to 9GAG; if a platform can connect to TikTok, Instagram, Twitter, etc., I believe it can create something similar.
If this model is to be successful, there are still many issues to overcome. The most pressing one is 'technology does not equal liquidity'; there are too many developers on the entire chain. If a viral Meme emerges, everyone will rush to issue it, so whether the issued coins can consolidate consensus is something players may still consider in terms of the platform's liquidity.
The second issue is the problem of sustainable development. If the community of 9GAG can be brought to the coin, it would be quite attractive. But as seen in the fourth step of the image above, it is the CTO... If the selected 9GAG Meme still requires a CTO, it may indicate that the community foundation is still weak, and this potential advantage has not been fully realized.
Moonit's new feature has not yet produced a leader.
With more and more platforms, the problems to be solved seem to have not diminished.
Conclusion
The Meme Launchpad Battle will continue in the foreseeable future. The huge success Pump.fun achieved in the past year has made everyone want to 'get a piece of the pie'. However, everyone is also facing a serious problem—how to restore the market's interest and confidence in Meme coins?
When CEXs seem to be uninterested in new Meme coins, can there be better infrastructure and liquidity on-chain to make Meme coins great again?
Rather than saying it's a 'war', it's better to say it's a test that all Meme coin launchpads face. After all, the lessons from inscriptions are right before our eyes—although the tools for inscriptions are becoming more sophisticated, the craze for inscriptions has already gone.
I hope that in the end, the entire Meme coin market benefits, and all the cryptocurrency players who still like Meme coins.
