In brief
- Pump.fun is back to being the dominant token launchpad on Solana, following a month with LetsBonk on top.
- It comes following the formation of its Glass Full Foundation and an apparent social media strategy shift.
- As a result, Pump.fun tokens have risen 8% on the day, with Fartcoin leading the way up 15%.
Tokens created on Pump.fun have risen 8% on Wednesday, according to CoinGecko, as the token launchpad has reasserted its dominance over LetsBonk for seven consecutive days.
The surge follows the Pump.fun team injecting just shy of $1.7 million into the launchpad’s ecosystem over the past five days through an initiative they’re calling the Glass Full Foundation. It’s not clear whether the name refers to the initiative or the founding of a whole new entity.
Fartcoin, which is the biggest token created on Pump.fun by a sizable distance, is up a whopping 15% on the day to a $1.08 billion market capitalization. To put that into perspective, the platform’s second-largest token, Peanut the Squirrel, is up 4.7% on the day to $263 million—meaning Fartcoin is more than three times as large.
That said, Pump.fun’s own token, PUMP, surpassed Fartcoin in market cap on Sunday amid a near 12% rise on the week. Now, PUMP sits at a $1.3 billion market cap—20% above Fartcoin. Predictors on Myriad Markets believe it is almost certainly going to finish the day above Fartcoin; that’s a stark difference from the 79% of users believing Fartcoin would finish on top just last week.
(Disclosure: Myriad is a prediction market developed by Decrypt’s parent company DASTAN.)
PUMP’s price tanked shortly after its token generation event as traders flocked to rival launchpads, namely LetsBonk. However, the platform has since clawed back market share, at least in part because of the platform’s token buybacks and its Glass Full Foundation.
The Glass Full Foundation is an initiative that aims to “inject significant liquidity” into tokens within the Pump.fun ecosystem, namely those with “diehard cults.” Since it was formed on Friday, the Foundation has invested almost $1.7 million into several Pump.fun tokens, according to Dune data.
One of the most successful examples of the Foundation at work is with the token for original character The Spirit of Gambling, also known as Tokabu. It has pumped over 100% from a $36.5 million market cap to $73.5 million over the weekend. It has, however, since dropped 37% to $46 million—though the Foundation’s investment is still in the green.
There has also been a significant shift regarding the Pump.fun X, formerly Twitter, account, which has started more openly supporting tokens created on its platform. This includes one-off memes, artist-commissioned posts, and reposts.
Both of these strategic shifts appear to have come in response to LetsBonk taking over the token launchpad market share for almost a month. For example, 1% of all revenue that LetsBonk generated was invested back into the top coins within its ecosystem. Plus, BONK contributors were openly supportive of projects on the platform.
Pump.fun accounted for 71% of all token launches on Solana on Tuesday, a major improvement from 14.8% at the start of the month.
Other Pump.fun tokens have risen over the past 24 hours, including FRIC, which has spiked 45%, Butthole Coin up 27.6%, and viral banana artwork coin Comedian 24.3%. That said, some notable projects are in the red, including vintage meme Troll tanking 15%, Pump.fun mascot Cuspey down 14%, and absurdist meme Chill House 9%.
As buzz has returned to the token launchpad, PUMP has risen and briefly traded at its initial coin offering price of $0.004 on Wednesday.
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