Is Pump.fun Losing Its Dominance? Analyzing Current On-Chain Data

Pump.fun has long been a dominant force in the Solana meme coin launchpad scene, setting the standard for token launches and viral meme creations. However, recent on-chain data suggests that its iron grip on the market is beginning to wane. 

Competitors such as LetsBonk, LaunchLab, and Believe are chipping away at Pump.fun's market share, leveraging strategic incentives and community engagement to lure creators away. 

In this analysis, we explore the shifting dynamics and what it means for Pump.fun's future.

Pump.fun's Declining Dominance

At its peak, Pump.fun held a staggering 98% share of the Solana memecoin market, acting as the primary hub for new token launches. 

However, recent reports indicate that its market share has plummeted to 57.5%, signaling a significant erosion of its once unchallenged dominance. Platforms like LetsBonk, Believe, and LaunchLab have captured slices of the market, holding 17.9%, 12.9%, and 5%, respectively.

The drop in dominance is not just about numbers; it represents a shift in user sentiment. Competitors are capitalizing on frustrations within the Pump.fun ecosystem, such as the lack of community incentives and slow adaptation to emerging trends.

Read also: This Trader Made Huge Profit from Solana Memecoins! How You Can Too

Rise of Competitors

The emergence of LetsBonk, Believe, and LaunchLab is a clear indicator that Pump.fun's monopoly is being actively contested. These platforms are differentiating themselves with aggressive incentives and community-driven initiatives.

• LetsBonk has secured a foothold with strategic backing from Solana maxis and Bonk whales, offering token creators enhanced incentives.
• Believe has introduced social media-driven token launches, tapping into organic community growth.
• LaunchLab benefits from support by Raydium, allowing it to scale quickly and compete with the legacy platform.

These projects are not only attracting new creators but are also pulling existing Pump.fun users who seek more favorable conditions and support.

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On-Chain Data Analysis

According to Dune Analytics, the last 24 hours saw 21,836 tokens launched on Pump.fun, yet only 201 of them graduated. In comparison:

• LetsBonk hosted 7,750 new tokens with 136 graduates.
• LaunchLab saw 1,185 tokens created with just two graduates.
• Boop lagged with 613 tokens and 17 graduates.

While Pump.fun still leads in active addresses—boasting 139,378 in the last 24 hours—its competitors are growing fast. LetsBonk saw 33,549 active addresses, while LaunchLab and Boop trailed with 16,049 and 2,684, respectively.

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Read also: 7 Solana Meme Coins About ‘Jail’ on Pump.fun That Are Gaining Attention

Community Incentives Driving Growth

The shift in market share is partially due to the enhanced community incentives offered by Pump.fun's rivals. LetsBonk's $GLONK token exemplifies this shift. 

When launched simultaneously on both Pump.fun and LetsBonk, the latter's founder, SolportTom, invested $700 to buy 246K $GLONK, pushing its market cap to $18M. On Pump.fun, however, $GLONK struggled, peaking at $15M and crashing to $816K without the same level of community backing.

In a bid to regain trust and market share, Pump.fun recently announced it would share 50% of trading fees with token creators. However, this gesture may be too little, too late, as competitor platforms have already set higher standards for community rewards and token support.

Read also: Careful Pump.Fun Traders! Understanding Market Manipulation Tactics and How to Avoid Them

Conclusion

The rise of LetsBonk, LaunchLab, and Believe marks a critical juncture for Pump.fun. Its long-held dominance is now under siege by platforms that prioritize community, incentives, and faster adaptation to trends. 

To maintain its position, Pump.fun must innovate and rebuild trust within its community, or it risks fading into irrelevance as the Solana meme coin space continues to evolve.

FAQ

What is Pump.fun? 

Pump.fun is a memecoin launchpad on the Solana blockchain known for pioneering viral meme tokens.

Why is Pump.fun losing its dominance? 

Pump.fun's market share has decreased due to rising competition from platforms like LetsBonk, LaunchLab, and Believe, which offer better incentives and community support.

Who are Pump.fun's main competitors? 

The main competitors are LetsBonk, LaunchLab, and Believe, each of which has steadily captured market share.

How is Pump.fun responding to competition? 

Pump.fun recently announced a plan to share 50% of trading fees with token creators in an attempt to regain community trust.

What is the future outlook for Pump.fun? 

If Pump.fun can enhance community incentives and innovate its platform, it may regain market share. Otherwise, it risks further decline.