Solana’s Pump.Fun Faces Exit Scam Rumors as LetsBonk.Fun Dominates Market
Solana Meme Coin Launchpad Faces Decline as LetsBonk.fun Gains Ground
Pump.fun’s Market Share Dwindles
Recent reports indicate that Pump.fun, a prominent launchpad for meme coins on the Solana blockchain, has experienced a notable decline in its market share, now holding only 36%. In contrast, LetsBonk.fun has seen a remarkable increase, capturing 54% of the market. Data from Jup corroborates these findings, revealing that LetsBonk currently enjoys a market share of 48.90% and a trading volume of $539 million over the past 24 hours. Meanwhile, Pump.fun’s market share stands at 39.80%, with a trading volume of $438 million.
Upcoming Token Generation Event Raises Concerns
This shift in market dynamics comes as Pump.fun prepares for its public token sale scheduled for July 12. Influential figures within the Solana community, such as Lynk, have criticized this token sale, labeling it as a potential scam. Critics argue that Pump.fun has profited significantly from the Solana ecosystem without providing adequate incentives to its user base.
Many community members had anticipated that Pump.fun would reward its users through an airdrop rather than opting for a public sale. Lynk disclosed that the launchpad plans to sell its ‘PUMP’ tokens at a price of $0.004 each, with a total supply capped at 1 trillion, resulting in a fully diluted valuation of $4 billion.
However, the platform aims to raise approximately $600 million from the public sale, with only $150 billion tokens available for purchase. Additionally, Pump.fun is expected to conduct a private sale to achieve its goal of raising $1 billion, as previously reported.
LetsBonk.fun’s Ascendancy and Future Prospects
In a recent post, crypto influencer Unipcs, known as ‘Bonk Guy,’ expressed his belief that while Pump.fun is not finished, LetsBonk.fun is likely to maintain its leading position in the market. He outlined several factors contributing to this outlook.
Firstly, he emphasized that LetsBonk’s alignment with creators, community members, and the broader Solana ecosystem provides a significant competitive advantage over Pump.fun. Secondly, Bonk Guy highlighted the strong sense of community support within the BONK ecosystem, which is challenging for other platforms to replicate quickly.
Moreover, Bonk Guy noted that Pump.fun had momentum as a tokenless protocol, particularly with its upcoming token generation event. However, he believes that LetsBonk.fun has successfully overtaken it during this critical period. As a result, he finds it difficult to envision Pump.fun regaining its previous market share sustainably after the token generation event.
He also pointed out that a considerable portion of Pump.fun’s activity may be inorganic, with many users engaging in farming activities in hopes of an airdrop. Consequently, he predicts that user engagement will likely diminish once the token generation event concludes.
