Pump.fun vs. LetsBonk: Battle for Solana Memecoins

The Solana memecoin launchpad scene has become a competitive battleground, primarily between the established platform Pump.fun and its rival, LetsBonk. Recent months have shown significant shifts in market share, especially when looking at graduated tokens—more meaningful indicators than mere token launches. Pump.fun has consistently held about 80% of the market for graduated tokens throughout 2025, solidifying its reputation as the premier platform for memecoin launches on Solana. However, LetsBonk made a substantial move in early July, quickly capturing market share to peak at almost 70% of graduated tokens, reflecting the changing preferences of users in this competitive environment. Additionally, incentives such as airdrops have driven user engagement, as many speculate on potential rewards. On August 6, Pump.fun regained its status as the leading platform for new token launches over the previous 24 hours, surpassing LetsBonk. The distinction between these platforms lies in their different approaches to token graduation and fee structures. Pump.fun employs a traditional bonding curve with a market cap threshold of approximately $69,000 and charges between 0.05 and 0.1 SOL to create tokens, alongside trading fees of 1-2%. In contrast, LetsBonk provides instant listings on automated market makers like Raydium and Jupiter, with a fee structure of just 1% for swaps. Following a challenging July, Pump.fun has responded effectively, regaining about 75% of the market share according to the latest data. Despite the fierce competition, overall launchpad activity remains robust, with around $120 million in daily trading volumes as tokens continue to be launched across the platforms. Pump.fun’s native token has risen approximately 13% in the last 24 hours, with a market cap nearing $1.2 billion. This article is an excerpt from The Block’s Data & Insights newsletter, offering insights into the most pressing trends in the industry. Disclaimer: The Block is an independent media entity providing news and data. As of November 2023, Foresight Ventures is the majority investor in The Block, which continues to operate independently, delivering objective information about the crypto industry.