Competition in the meme coin market on the Solana platform is intensifying. LetsBonk, a new token creation platform, recently overtook its rival Pump.Fun in the number of daily token launches.
Competition Between Meme Coin Launchpads
According to reports, LetsBonk created 19,620 new Solana tokens in the past 24 hours, more than double the 9,249 tokens created by Pump.Fun. This marks the first time Pump.Fun has lost its leading position in the meme coin market. On Sunday, LetsBonk captured 58.5% of the market share for Solana launchpads, while Pump.Fun held 35.2%. LetsBonk’s growth is attributed to the popularity of viral meme tokens on its platform.
Pump.Fun Delays Public Token Sale
Notably, Pump.Fun has delayed its public token sale, originally set for June 25. Reports indicate the event is scheduled to take place sometime this month, although a specific date has not yet been announced. The Pump.Fun team has not provided explanations for the delay, raising concerns among investors. Additionally, in May, it was revealed that 98.6% of tokens launched on Pump.Fun are linked to scams.
Memecoin Market Cools Off
The recent memecoin hype that fueled Pump.Fun’s rise is beginning to sputter. Incidents of scams like those seen in Libra have left retail investors wary. Interest in meme tokens like Trump has plunged over 90% from its January peak. While Solana remains a dominant player in the blockchain space, its heavy reliance on memecoins for network activity exposes its vulnerability to speculative hype cycles.
Competition among meme coin launch platforms like LetsBonk and Pump.Fun continues to evolve. It remains to be seen if Pump.Fun can regain its footing or if LetsBonk will maintain its lead amid changes in the market.
