Key Points:
BONK-linked platforms have now surpassed Pump.fun in daily bonded Solana tokens, signaling a shift in liquidity preference.
Despite Pump.fun’s explosive growth and revenue generation, its daily activity has sharply declined from earlier highs.
Bonk Staked SOL TVL has risen by nearly 50% over two months, indicating longer-term commitment compared to the short-lived hype of Pump.fun launches.
This divergence suggests that traders are rotating toward more sustainable memecoin structures rather than chasing speculative pumps.
The rise of BONK may mark the beginning of a maturation phase for Solana’s memecoin economy.
If this trend continues, BONK could dominate Solana’s meme sector in Q3 2025.
A Quiet Takeover: BONK Surpasses Pump.fun in Bonded Token Activity
In the fast-paced world of Solana-based memecoins, Pump.fun has long been the dominant force, known for its rapid-fire token launches and bonding curve mechanics that fueled explosive price surges. However, recent data reveals an unexpected shift: BONK-linked protocols have quietly overtaken Pump.fun in daily bonded SOL volume — capturing 53.2% of total bonded activity for the first time ever.
This milestone is significant not just for its novelty but for what it implies about evolving investor behavior. Where Pump.fun thrived on hype-driven speculation, with users rushing to mint new tokens before liquidity dried up, BONK-linked platforms appear to be drawing in more patient capital. The shift suggests that traders are beginning to favor ecosystems where SOL remains locked for extended periods, potentially signaling a move away from purely momentum-based trading toward more structured, value-anchored participation.
Pump.fun’s Fading Momentum: Signs of Market Fatigue?
Launched in early 2024, Pump.fun quickly became synonymous with Solana’s memecoin frenzy. Its bonding curve model allowed anyone to create tokens backed by SOL, fueling a wave of micro-launches that saw millions in revenue generated within months. At its peak, Pump.fun was averaging $1.5 million in daily revenue, with total inflows reaching $700 million by year-end.
Yet, signs of cooling are unmistakable. Daily bonded volumes have dropped dramatically — falling from an average of $400 million to around $150 million in recent weeks. While still active, the platform appears to be losing ground as traders seek alternative destinations for their capital. This decline isn’t necessarily a sign of collapse, but rather an indication that the market may be entering a new phase — one where sustainability and stickiness matter more than virality.
BONK’s Rise: A New Era of Liquidity Commitment
While Pump.fun’s dominance wanes, BONK-linked platforms are gaining traction through a different mechanism: long-term SOL lockups. One of the clearest indicators of this shift is the rise in Bonk Staked SOL TVL (Total Value Locked), which climbed from $8 million in early May to $11.98 million by July 6th — a nearly 50% increase in just two months.
Unlike the frenetic pump-and-dump cycles typical of Pump.fun, these staking flows represent a deeper form of engagement. Users aren’t just buying into fleeting narratives; they’re locking up assets in anticipation of future utility or yield. Whether through decentralized exchanges, incentive programs, or governance mechanisms, BONK-linked systems are offering reasons for holders to stay invested beyond the initial hype.
This growing base of committed liquidity signals a potential turning point for Solana’s memecoin ecosystem — one where projects begin to focus less on viral spikes and more on building lasting infrastructure.
Structural Shift or Temporary Rotation?
The fact that BONK has flipped Pump.fun in bonded token volume isn’t a statistical fluke — it reflects a broader recalibration of how participants engage with Solana’s memecoin space. Rather than chasing every new token launch in hopes of quick gains, traders are increasingly allocating capital to platforms that offer durability and network effects.
This doesn’t mean that Pump.fun will disappear overnight. Its role in kickstarting the current memecoin boom remains undeniable. But if BONK continues to accumulate bonded SOL at this pace, it could soon become the de facto hub for liquidity in Solana’s meme economy. Such a transition would mark a meaningful evolution — from a speculative frenzy to a more mature environment where capital is deployed with intention rather than impulse.
What This Means for Solana’s Meme Economy Going Forward
With memecoins accounting for $11 billion of Solana’s overall market cap — roughly 20% of the global $54 billion memecoin landscape — the battle for dominance between BONK and Pump.fun isn’t just a niche rivalry. It’s a bellwether for the direction of the entire sector.
If BONK continues to pull ahead, we may see a broader trend emerge: memecoins moving from pure social experiments to programmable assets with real economic underpinnings. Projects built atop BONK-linked infrastructures might start introducing novel incentives, cross-chain integrations, or even NFT components that extend their reach beyond simple tokenomics.
For investors and developers alike, this shift presents both opportunity and uncertainty. Those who adapt early could benefit from being part of a more resilient ecosystem, while latecomers clinging to fading hype cycles risk missing out on the next wave of innovation.
Conclusion: The Dawn of a Post-Hype Memecoin Era
Solana’s memecoin market is undergoing a quiet transformation. What began as a speculative gold rush driven by Pump.fun’s bonding curves is now giving way to a more measured approach — one where liquidity sticks around instead of evaporating after the initial frenzy.
BONK’s recent lead in bonded token volume marks a pivotal moment in this evolution. It suggests that traders are no longer content with fleeting gains alone; they want ecosystems that can sustain value, build community, and provide ongoing utility. If this pattern holds, BONK could emerge as the backbone of Solana’s meme economy, setting the stage for a more durable and sophisticated wave of memecoin development in Q3 and beyond.
The era of pure hype may not be over, but it’s certainly facing competition from something more substantial — and that, ironically, might be the most bullish signal of all.
