The Meme Coin Launchpad market for the Solana blockchain has undergone a major change in May 2025. Newcomers like Letsbonk, Believe and Launchlab are threatening Pump.fun’s advantage.
Pump.Fun’s market share has fallen to over 98%, down to just 57.5%, down to just 57.5%. It’s a new platform where Letsbonk and Believe are gaining traction. Is Pump.fun’s advantage in the sector coming to an end?
Over 200,000 Solana Daily Transaction Addresses
Competition between Meme Coin Launchpads is intensifying the market and driving community participation. According to data from Dune Analytics, over 200,000 Solana trade daily on the Meme Coin LaunchPad platform, reflecting the ecological dynamism.
Solana numbers are working on addresses to trade on Meme Coin Launchpad. Source: Dune
The surge in trading activity coincides with the explosion of new meme coin launchpads. Beyond Pump.Fun, the market offers additional options such as Laintlab, auto.fun, and more.
The emergence of these platforms quickly gained community attention through impressive projects. For example, LaintCoin on Believe achieved a market capitalization of over $200 million.
Tokens like Letsbonk’s Goonc and Dupe also recorded daily trading volumes, reaching millions of US dollars. This shows that new platforms compete for market share and create profit opportunities for key investors.
Pump.Fun’s market share will decrease
For a long time, Pump.Fun held a dominant position in the Solana Meme Coin Launchpad space, with market share once exceeding 98%. However, according to LookonChain, Pump.Fun’s daily token market share fell sharply to 57.5%.
Dune Analytics data, displayed on the Daily Token Deployment Market Share chart, highlights the rise of new competitors. Letsbonk holds 17.9% of the market share and believes it will account for 12.9%, with LaunchLab records recording 5%. This decline indicates that Pump.Fun is facing first competition.
Market share of the Meme Coin LaunchPad platform. Source: LookonChain
The Dune Analytics chart clearly shows this shift. Platforms such as Letsbonk began gaining traction in early 2025, especially in March when Meme Coin Market became more active.
The rising market share of new entrants reflects stronger competition, indicating that users are seeking new options, perhaps because Pump.Fun doesn’t meet their innovation and efficiency demands.
“We shouldn’t have a really strong opinion on how this works, but competition must be pure to users,” commented X-user Ansem.
Hottest meme coins have moved to Letsbonk and believe
One of the main reasons for the decline in Pump.Fun’s domination is the transition to other platforms of “hot” memecoin. According to Dune Analytics data, not Pump.fun, recent prominent meme coins such as Laintcoin, Goonc, Dupe and Hosico have been released on Letsbonk or Believe.
In particular, I believe we have seen amazing growth. Over the past month, the total market capitalization of tokens on the platform has skyrocketed from $1.5 million to over $200 million.
Trust the Token Market Cap. Source: Klaus
This shift shows that memecoin developers are looking for new platforms to attract attention and take advantage of better incentive mechanisms. Convictions have attracted great interest, for example, through the SocialFi model and Pasternak’s rebranding to Raunchcoin.
Letsbonk, meanwhile, stands out for its high token “graduation” rate, a key metric that reflects the ability of tokens to meet trading standards on major exchanges.
Token “Graduation” Rate: Letsbonk is excellent, Pump.Fun still leads the volume
Token “graduation” rate is an important metric for assessing the effectiveness of Meme Coin Launchpad. In the last 24 hours, Pump.Fun “graduated” 204 tokens and led the volume. However, Letsbonk was behind with 92 tokens, far surpassing LaunchLab (2 tokens) and Boop (12 tokens).
Daily graduation from Solana Meme Coin Launchpads. Source: Dune
Letsbonk’s high graduation rates show that the platform is gathering high quality meme coin projects that can meet the broader trading standards. Pump.Fun still leads the volume, but the decline in market share suggests it has lost its appeal among new developers. This could be due to competitors offering lower fees or better incentive mechanisms.
This competition could bring significant benefits to the Solana ecosystem in the long run, as the platform needs to improve quality to meet the demands of its users. However, investors should be cautious about price volatility risks associated with meme coins, especially as new tokens are susceptible to price manipulation through the “pump and dump” scheme. A recent study found that 98% of Pump.Fun tokens are flagged as fraud.