BONK Meme Coin Launchpad Flips Pump.fun for Solana Tokens Created

In brief

LetsBonk launched 19,620 Solana tokens over the past 24 hours while Pump.fun created just 9,249.
On Sunday, LetsBonk accounted for 58.5% of Solana launchpad market share, marking the first time Pump.fun wasn’t leading the sector.
Useless Coin, which is currently at a $275.9 million market cap, is the largest LetsBonk token.

Solana launchpad Pump.fun has been the center of the meme coin ecosystem ever since it launched in January 2024. But on Sunday, LetsBonk became the first Solana launchpad to ever flip it for daily tokens created.

Over the past 24 hours, according to Dune data, Pump.fun was responsible for the creation of 9,249 tokens, while LetsBonk launched 19,620.

“Going over the [more than $200,000] BONK runners in the last 24 hours it seems like most are organic,” Dune dashboard creator Adam Tech tweeted. “Less than 30% look like some type of farm. That number was 78% on Pump last I checked. If BONK takes over for good, the scammers will obviously migrate.”

What is LetsBonk?

LetsBonk is a launchpad that utilizes Raydium’s LaunchLab infrastructure to make it easy to create a meme coin. The project is tied to the Solana meme coin BONK, with some shared team members. Just like Pump.fun, to launch a token, users are required to fill out a basic form asking for a name, ticker symbol, description, and image. LetsBonk also allows the deployer to control the total token supply.

Since its April launch, LetsBonk has seen a Solana launchpad market share ranging from 2% to 18% before its recent surge that put it at 58.5% on Sunday. Before LetsBonk’s creation, according to Dune data, Pump.fun dominated the sector at nearly 100%, whereas on Sunday it had a market share of just 35.2%.

LetsBonk’s biggest winner is Useless Coin, which is currently at a $275.9 million market cap, followed by Hosico Cat at $69 million, and IKUN at $25.4 million. Meanwhile, Pump.fun’s largest tokens are Fartcoin at a market cap of $1.2 billion, WOULD at $505 million, and Peanut the Squirrel at $221 million.

The Bonk, Raydium, and Pump.fun teams did not immediately respond to Decrypt’s request for comment.

This isn’t the first time that Pump.fun has faced a challenger for its throne. In August last year, it was flipped by Tron-based launchpad SunPump following a viral campaign from Tron creator Justin Sun. SunPump’s moment in the limelight was short-lived, with Pump.fun reclaiming its crown just two weeks later. SunPump has since faded into obscurity, processing just three transactions on Tuesday, according to Dune.