Pump.fun reclaims Solana launchpad dominance as weekly revenue hits $13.5M

Pump.fun, a Solana launchpad platform, has recorded its highest weekly revenue in six months, topping at $13.48 million after regaining most of the Solana launchpad market share. The recovery follows a recent sharp reversal experienced by the rival platform, LetsBonk. 

According to analysis by Blockworks, Pump.fun’s market share rallied from as low as 5% just two weeks ago to 90%. LetsBonk previously held over 80% of the market share but has dropped to just below 3%. The market share is calculated by tracking the graduated tokens, a key indicator of platform activity. 

Pump.fun reclaims Solana launchpad dominance 

Pump.fun’s recovery has been accompanied by increased market activity on the platform. Today alone, 19,060 tokens have been launched, with a 0.74% graduation rate, against 535 tokens launched on BONK with a 1.31% graduation rate. Trading volume in the last 24 hours has reached $133.9 million.

Some analysts have noted that the current shift was driven by top memecoin deployers abandoning LetsBonk. They revealed that the top 10 creators, who are largely automated bots, began dominating on Pump.fun, causing an overnight reversal in market dominance.

Coinbase’s head of product, Conor Grogan, also noted that such bot activity accounted for most of the memecoin launches across the platform. 

Pump.fun’s turnaround has also been supported by the recent token buyback program between August 5 and 11. The platform repurchased approximately $8.42 million worth of PUMP token, representing 97% of that week’s revenue. The launch platform has now bought $33.13 million worth of PUMP since the start of the buyback program, which marks 0.729% of its total token supply. 

The buyback program supported the immediate short-term recovery in PUMP’s price. The token is trading at $0.002877, a 17.33% drop throughout the past week and a 9.06% drop today. Despite the strong recovery, the token is still trading below its all-time high of $0.006812, which was set briefly in July after the platform sold $600 million tokens in 12 minutes. The token’s 24-hour volume is down 16% trading at $246.8 million. 

Pump.fun’s strong recovery puts pressure on LetsBonk

In July, LetsBonk overtook Pump.fun with a 74% market share of daily launches, while PUMP token revenue fell to as low as $169,000. Pump.fun made a comeback in early August with high scores in daily revenue, user activity, and token graduations. On August 6, it recorded daily revenue of $1.38 million compared to LetsBonk’s $282,000, with more than 23,000 token launches. 

According to Dune Analytics data, current user activity for Pump.fun stands at 38,295 compared to 633 for LetsBonk. The latest transactions updated 22 hours ago show Pumpfun at 548,834 compared to 33,716 recorded by LetsBonk. 

LetsBonk has begun recovery measures to regain lost ground by recently introducing new incentives. It has added a Points tab on its platform, which suggests plans for a reward program to encourage creators and traders. The launchpad platform has also announced that it will direct 1% of its revenue towards buybacks of leading tokens in the ecosystem.

BONK, the native token for the LetsBonk platform, is currently trading at $0.00002234, 0.41% down today and 7.25% over the past week. The price is still more than 50% below its all-time high of $0.000058. The 24-hour volume is $222.6 million, down 18.97%, and currently ranks 4th among other Solana launchpads in terms of combined weekly revenue, token launches, token graduations, and active addresses. 

The renewed competition across Solana launchpad platforms shows the volatility around the blockchain, where shifts in deployer activity and tokenomics strategies have quickly altered the market share. Markets await to see if Pump.fun’s $13.48 million weekly revenue highlight will help the platform maintain the lead amid the launchpad wars.  

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