LetsBonk Surpasses Pump.fun as Solana's Top Memecoin Launchpad with 50% Market Share

LetsBonk has surpassed Pump.fun as the leading memecoin launchpad on the Solana network, marking a significant shift in the memecoin landscape. This change comes as the overall network activity on Solana suggests a reshuffling rather than an expansion of the memecoin scene. While total token launches remain stable and daily transactions are trending downward, supporting metrics indicate that Solana may be experiencing a resurgence driven by increased memecoin activity.

Vugar Usi Zade, chief operating officer of Bitget, noted that since LetsBonk's rise, Solana's network has seen a surge in activity. Although gas usage per transaction hasn't skyrocketed, the sheer volume of transactions, particularly from token mints and swaps, has driven total fees and validator tip income noticeably higher. This indicates a renewed interest in memecoins on the Solana network.

On July 9, LetsBonk recorded over 22,000 token mints, compared to Pump.fun’s 8,334, capturing more than 50% of the market share. Despite this surge, total token mints on Solana have remained largely flat over the past three months, suggesting that the memecoin revival may be more of a shift in platform dominance rather than an overall increase in activity.

Michael Marshall, senior researcher at Amberdata, explained that Bonk's success can be attributed to its fee structure and simplicity. Bonk uses half of its fees to buy and burn BONK tokens, building trust and loyalty among users. Additionally, Bonk's lower fees and simpler interface attract new users who were previously deterred by Pump.fun's complexity and scams.

Outside of token launches, Solana's total transaction count has been trending down. However, a closer look reveals that non-vote transactions, which are tied to user activity like minting and swapping, are on the rise. This increase is largely driven by LetsBonk's memecoin resurgence, which has translated into higher transaction volumes on decentralized exchanges (DEXs) like Raydium.

Raydium, in particular, has benefited from this resurgence. The DEX is now collecting fees not seen since the memecoin frenzy of early 2025. In April, LetsBonk partnered with Raydium to give creators access to the exchange’s liquidity pools and trading bots, further boosting its activity on the platform.

Conor Grogan, head of product at Coinbase, pointed out that bots are likely behind the majority of tokens launched on both Pump.fun and LetsBonk. The high throughput and low fees of the Solana network make it easy to deploy bots that automate token launches at speeds unattainable by humans. Grogan tracked a specific account that had created over 18,000 tokens on Pump.fun, initially operating manually but eventually replaced by bots.

The memecoin and non-fungible token (NFT) communities often overlap, sharing an audience of meme-literate investors speculating on digital culture. Pump.fun losing its grip on the memecoin market draws parallels to how OpenSea once dominated NFT trading before rivals Magic Eden and Blur disrupted its lead. Usi Zade argued that memecoins on Solana are "reloading, not stagnating," with liquidity still solid and daily DEX volume remaining strong. The success of Bonk shows there is still an appetite for new narratives, as long as they are framed correctly.

Usi Zade also noted that the chaos surrounding the memecoin industry is cooling off from the peak euphoria of early 2025. Now, meme culture on Solana appears to be maturing with more structure, coordination, and purpose. This shift suggests that the memecoin scene on Solana may be entering a new phase of growth and stability, driven by platforms like LetsBonk that offer simplicity and trust to users.