pump.fun "flip the script" LetsBonk, leads the memecoin race on Solana

In a spectacular breakout, pump.fun has surpassed its rival LetsBonk to reclaim the lead in the race of memecoin launchpad platforms on $SOL . In just two weeks, pump.fun's market share has increased from 5% to 90%, while LetsBonk has seen a severe decline.

The unexpected turnaround

Data from #Dune shows that activity on LetsBonk has plummeted, with the number of daily active wallets down to only 633, while pump.fun has up to 38,200 wallets. The number of transactions in the past 24 hours also shows a stark difference, with pump.fun reaching 548,800 transactions, over 10 times that of LetsBonk.

The decline of LetsBonk is believed to be due to top token release groups leaving the platform, highlighting their heavy reliance on a few key users.

Impact and challenges

The fact that pump.fun has regained the lead is a positive signal indicating the sustainable competitiveness of this platform, especially as the memecoin market on Solana is gradually cooling down. This could help attract back liquidity and speculative cash flow, directly affecting their revenue and the price of the PUMP token.

However, the price of PUMP has dropped more than 9.4% after pump.fun loaded 2.5 billion tokens onto the OKX exchange. This move has raised concerns about selling pressure, indicating that despite leading in market share, pump.fun still faces challenges regarding token price volatility. #anhbacong