Pump.fun used to be the kingpin of Solana memecoin launches. Untouchable, unstoppable, the platform everyone flocked to when they wanted to create the next viral meme token.

But guess what? That monopoly is crumbling faster than a cannoli left out in the sun.

The race is on

Data from Lookonchain and Dune Analytics show Pump.fun’s grip on Solana memecoin launches dropped from a whopping 98% to a mere 57%.

Why? Because new players like LetsBonk, Believe, and LaunchLab are muscling in, grabbing 17.9%, 12.9%, and 5% of the market share, respectively.

These challengers are backed by serious communities and whales. LetsBonk, for example, rides high on support from Solana maxis and Bonk whales, while LaunchLab’s got Raydium in its corner.

Let’s talk numbers. In the last 24 hours, Pump.fun saw 21,836 tokens launched, but only 201 graduated to bigger exchanges.

LetsBonk? 7,750 tokens created, 136 graduates. LaunchLab? 1,185 tokens, just two graduates.

And Boop? A tiny 613 tokens with 17 graduates. Active users? Pump.fun still leads with 139,378, but LetsBonk and LaunchLab are no joke, pulling in 33,549 and 16,049 active addresses.

Contenders

In fact, the hottest memecoins right now, like $LAUNCHCOIN, $GOONC, $DUPE, $Hosico, they all launched on LetsBonk or Believe, not Pump.fun.

That tells you where the real juice is flowing. Back when Pump.fun burst onto the scene in early 2024, it was a wild-as-you-can-imagine playground.

Anyone could create a memecoin in minutes, and the platform raked in fees like a mob boss counting stacks.

But people started grumbling, Pump.fun wasn’t giving back to the community, just cashing out and converting gains to stablecoins. Critics called it a leech.

Now, the new kids on the block are playing a different game. They’re offering creator incentives, community support, and even running competitions to keep the hype alive.

Take the $GLONK memecoin, LetsBonk’s founder dropped some cash buying 246,000 $GLONK tokens, pushing its market cap to $18 million.

Pump.fun’s $GLONK peaked lower at $15 million and then tanked to under a million. Trading volume? $82 million on LetsBonk versus $56 million on Pump.fun.

Staying sharp

Pump.fun finally woke up and announced it would share 50% of trading fees with token creators, a first.

But honestly, that move feels like closing the barn door after the horses have bolted. The market’s moved on, and creator rewards are table stakes now.

At least, it looks like Solana’s memecoin sector is maturing. It’s not enough to just slap a token on the blockchain anymore.

Platforms gotta nurture communities, reward creators, and bring real incentives to the table, or risk fading into the background.

Pump.fun’s losing its crown, and the new contenders are ready to take the throne.

Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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