Key Takeaways
- Bonk.fun has overtaken Pump.fun in Solana memecoin launches, revenue, and volume. Despite Pump.fun’s higher market cap, BONK’s organic growth and dominance suggest a potential shift in the memecoin cycle.
The Solana [SOL]-based memecoin cycle may be gearing up for a comeback.
This potential resurgence appears linked to the growing popularity of the Bonk.fun launchpad, which adds momentum to the anticipated cycle.
Historically, each memecoin wave on Solana has been driven by a new platform, most recently, Pump.fun led the charge. Now, Bonk.fun seems poised to take its place.
With a significant number of new Solana tokens launching through Bonk.fun, the key question is whether it will truly lead the next meme wave or if it’s simply another coordinated push to attract meme traders.
Bonk.fun flips Pump.fun on these fronts…
An evaluation of revenue generated by Solana-based launchpads over a 24-hour period revealed a total of $2.148 million.
At the time of writing, Bonk.fun led the pack, generating $1.322 million and accounting for 61% of total sales, signaling a clear shift in dominance.
In contrast, Pump.fun brought in $415,000, or 19%, marking a noticeable decline in its market share.
This breakdown highlights a changing hierarchy among Solana launchpads, with Bonk.fun emerging as the new frontrunner.
Source: Blockworks
Bonk.fun continued to dominate among Solana launchpads, not only in revenue but also in trading volume, recording $131.3 million compared to Pump.fun’s $43 million.
In terms of token launches, Bonk.fun deployed 22,063 tokens, more than double Pump.fun’s 9,811.
Despite this scale, Bonk.fun’s graduation rate, referring to tokens that gained traction, stood at 1.07%, or approximately 235 tokens, at press time.
This was slightly higher than Pump.fun’s 0.73% graduation rate, which equated to 72 memecoins.
Source: Blockworks
However, Pump.fun emerged as the clear leader in total market capitalization, reaching $3.99 billion compared to Bonk.fun’s $414 million.
While it launched fewer tokens, Pump.fun’s projects were significantly more impactful. As users noted, the competition now appears to be between scale and efficiency.
What could be behind this?
The shift may be linked to Bonk.fun’s stronger alignment with the growth of the Solana blockchain, in contrast to Pump.fun.
While Bonk.fun focused on ecosystem support, Pump.fun saw only a handful of withdrawals over the past year, highlighting a difference in engagement and impact.
A prominent figure in the Bonk [BONK] ecosystem, Unipcs, attributed this flip on different fronts to organic activity. This came from USELESS coin analysis with his tweet reading,
“According to Jupiter’s ‘organic’ on-chain data tracker, 96.5% of #USELESS coin on-chain activity is organic.”
He further went to defend his argument by stating,
“Jupiter is a BonkFun competitor and has its own launchpad as well, so there’s no way they would manipulate data in favor of BonkFun.”
Will demand for Solana-based memes rise?
On the daily chart, the long-term descending trendline has been broken by BONK at press time. This increased the possibility of a shift in the market structure.
The MACD saw a bullish crossing, which supported effective momentum.
Source: TradingView
Although the breakout was notable, its momentum may largely depend on the ongoing memecoin hype within the Solana ecosystem.
If the trend continues, other Solana-based memecoins could also benefit, though this has yet to be confirmed.
