LetsBonk's Market Share Grows to 64%

LetsBonk, the Solana-based token launchpad supported by BONK, has kept its momentum and reached new highs in all measurable metrics. Last week, approximately 150,000 tokens were launched on LetsBonk, marking a 14% increase from the previous week's 132,000. A record was set with 26,600 tokens launched in a single day on Friday, July 18. This surge in activity has come at the expense of pump.fun, with LetsBonk's market share of tokens launched now at about 64%, up from just 5% a month ago. In contrast, Pump's share has dropped from over 90% to 24% during the same period. Not only have token launches grown, but token graduations have also reached new highs. On July 16, 282 tokens graduated from LetsBonk, a 20% increase over its previous record of 234 tokens graduated the week before. LetsBonk has dominated this metric as well, holding an impressive 79% share, while Pump’s stood at just 18% on Friday. Trading volume on LetsBonk surpassed that of Pump, reporting about $179 million on Friday compared to Pump's $52 million. A month ago, LetsBonk's average daily trading volume was under $10 million, while Pump averaged nearly 15 times that. This increased trading volume has resulted in significant fee generation, with LetsBonk earning over $8 million in just the last week, while Pump made approximately half of that in the same period. Pump launched its token on July 14 after a public sale valuing it at $4 billion. It peaked at a $6.8 billion valuation roughly 36 hours after launch and is currently valued at $4.4 billion. Meanwhile, during Pump’s token launch, BONK was valued at $2.25 billion, rose to $3.6 billion mid-week, and now stands at $3 billion. Notably, BONK's valuation has increased nearly 200% over the past 30 days, making it one of the top-performing tokens in that timeframe. This article is an excerpt from The Block's Data & Insights newsletter, highlighting significant trends in the cryptocurrency industry. Disclaimer: The Block is an independent media outlet. As of November 2023, Foresight Ventures is a major investor in The Block, which operates independently to provide objective information about the crypto industry.