Lower than three weeks in the past, pump.enjoyable had 99% of the Solana memecoin launchpad market. This week, right down to 60%.
An unpleasant (or is it cute?) inexperienced lizard named Glonk is exhibiting how pump.enjoyable’s as soon as absolute dominance of the Solana memecoin commerce is slipping.
As lately as April 24, pump.enjoyable’s market share of tokens deployed was nearly 99%. This week, that dominance slipped down to close 60% as competing launchpads proceed to realize traction.
Raydium’s LaunchLabs and Bonk’s Let’s BONK, which each launched within the second half of April, have been neck and neck with about 7% market share final week. However as of this week, Let’s BONK gained as excessive as 30% market share on Monday, Might 12, holding regular between 16-20% for the remainder of the week.
What’s occurring is finest illustrated by an image comic Ricky Gervais posted on X on Might 13 of Glonk, a personality in his Flanimals ebook collection.
Shortly thereafter, two totally different Glonk memecoins — in fact, neither formally from Gervais — have been launched on competing Solana memecoin launchpads pump.enjoyable in addition to Let’s BONK.
Who got here first?
Let’s BONK was successful till X consumer Qwerty posted a screenshot of the 2 tokens with the Let’s BONK model at a market capitalization of $442,000 and pump.enjoyable’s at $138,000. Qwerty stated “A PUMPFUN JUST GOT VAMPED SUCCESFULLY BY A BONKFUN. REF DO SOMETHING.”
“Vamped” refers to a vampire assault, during which a brand new DeFi challenge incentivizes customers of an current platform emigrate their liquidity by providing extra engaging rewards or incentives.
Which is when pump.enjoyable founder Alon Cohen chimed in “send the OG” on X, suggesting that pump.enjoyable was the place patrons ought to flip to purchase Glonk.
That in flip set off Let’s BONK founder @SolportTom, who stated on X:
“Personal feelings aside, I saw people happy in our public trench group that there was a $3m runner doing well on our platform, then got linked the tweet saying go to the OG one and that imo is pretty lame. Let the market do their things naturally, winner was chosen no need to interject.”
He added, “If a coin is $3 million on BONK and the one on Pump was 170k and someone tweets out saying ‘Pump the og one’ that’s pretty low imo. People chose their winner already.”
The 24 hour quantity peaked at $82 million for Let’s BONK and $56 million for pump.enjoyable, in accordance to Lookonchain.
Let’s BONK, the challenger
For all that, pump.enjoyable continues to be far forward on each day energetic customers, with 147,078 up to now 24 hours, in comparison with lower than 22,890 for Let’s BONK, per Dune information.
On different measures the 2 are nearer, at the very least some days. On Might 12, pump.enjoyable graduated 195 tokens, which signifies that the tokens reached a sure market cap and have become tradeable on a DEX. The identical day, Let’s BONK graduated 178. Boop obtained 28 and LaunchLabs graduated 11 tokens.
However as of yesterday, Might 15, pump.enjoyable had greater than twice the variety of graduating tokens.
When it comes to variety of tokens launched, pump.enjoyable continues to be the clear chief. Prior to now 24 hours, pump.enjoyable noticed somewhat over 19,300 tokens launched, in comparison with 4,756 for Let’s BONK.
Altogether, the numbers present that thought pump.enjoyable continues to be the go-to Solana memecoin launchpad, Let’s BONK is rising as a challenger.
Final week, Solidus Labs launched a report that stated that nearly 99% of memecoin launches on pump.enjoyable are rug pulls or pump-and-dump schemes.
At the moment, pump.enjoyable’s founder teased a brand new group takeover function for income share, just some days after the launchpad kicked off creator income sharing.
