- Pump.fun’s token supply lags at 21.43% of LetsBONK’s, pushing its market share down to 22.2% amid changing user preference.
- LetsBONK leads Solana launchpads with 67% market share and $1.5M July revenue, far outpacing Pump.fun’s $200K.
- Post-IPO, Pump.fun faces revenue decline, user alienation, and rising competition, prompting 100% revenue PUMP buybacks.
Pump.fun’s position in the Solana launchpad market continues to face strong pressure following a notable decline in supply share. According to data from Jup.ag, the platform’s circulating supply in the last 24 hours is at only 21.43% of LetsBONK’s.
This drop has now pushed Pump.fun’s market share down to 22.2%, a steep fall from previous levels. Meanwhile, LetsBONK has gained strength quickly, claiming a dominant 67% share within the same timeframe.
These changes mark a notable change in launchpad preference among users and developers alike, raising questions about Pump.fun’s direction since its highly publicized IPO.
Token Supply and Bonding Rates Show the Gap
In the past 24 hours, Pump.fun generated just 3,515 new tokens on Solana, with a bonded rate of 0.34%. During that same period, LetsBONK issued 16,399 tokens, recording a higher bonded rate of 1.07%, as reported by Jup.ag.
This widening gap has had a direct impact on market share. While Pump.fun’s portion now is at 22.2%, LetsBONK controls 67% of the token launch activity. Pump.fun’s token supply appears to be stagnating compared to the rising output from its competitor, a change in project momentum.
Revenue Disparity Widens Between Launchpad Rivals
The difference in platform activity is also shown in revenue. Analyst Jussy on X revealed that Pump.fun earned $200,000 in July. In contrast, LetsBONK generated $1.5 million over the same period, a gap of 87.33% in revenue generation.
To counter the decline, Pump.fun increased its PUMP buybacks to 100% of revenue, up from the previous 25%. However, there has been no official announcement on this change, raising concerns among users. These developments further indicate how Pump.fun’s IPO may have introduced new challenges.
IPO Aftermath and the Change in User Preference
Pump.fun’s IPO raised $500 million in under 30 minutes, valuing the platform at $4 billion. Yet, its revenue and token momentum have been declining since, according to Blockworks data.
The public transition introduced new burdens, including regulatory pressures and a change in community sentiment. Many longtime users now feel excluded from the platform’s decision making process. This shift has given LetsBONK a strategic advantage in retaining and attracting more users.
As of now, LetsBONK also controls 55% of Solana launchpad revenue, according to Blockworks Research. This has further reduced Pump.fun’s foothold in a segment it once dominated.
Overall, Pump.fun’s market share decline to 22.2%, driven by a lower circulating supply and revenue performance, shows a broader change in user alignment. While LetsBONK gains ground with higher token issuance and bonded rates, Pump.fun continues adjusting to the post-IPO environment.
