Is PumpFun losing its crown

Crypto is rebellion.

It’s a vision of tearing down the walls built by the financial elite and giving power back to the billions who’ve been told, “you don’t belong.” It’s about markets that never sleep, that no one owns – borderless, permissionless, incorruptible…

… and so, here we are, trading tokens like ASSDAQ and ASS&P500.

These kinds of tokens wouldn’t exist without Pump(.)fun, the memecoin launchpad that ran the memecoin show this cycle.

Or, should I say… used to run it.

Back in April, the BONK community, together with Solana’s DEX Raydium, launched a competing memecoin platform called LetsBONK.

The big difference between the two is how they handle the fees:

👉 Pump(.)fun barely gives back to the Solana ecosystem → a profit first approach;

👉 LetsBonk, on the other hand, reinvests part of its fees into BONK and Solana ecosystems → a community-first approach.

And LetsBONK is now beating Pump(.)fun:

• It deployed 2.2x more tokens than Pump(.)fun in the past 24 hours;

• Graduated 75% of yesterday’s memecoins, compared to Pump(.)fun’s 22% (FYI: “graduated” means the token moved off the launchpad and onto a DEX);

• Collected 2.5x more fees;

• Of the top 25 tokens launched this week, 19 were from LetsBonk, and just 4 from Pump(.)fun.

Now, that’s bad news for Pump(.)fun – especially since their $4B token sale is on the horizon (we talked more about it here btw.)

Here’s why it’s bad:

🚩 1/ The narrative is moving away

In crypto – and especially memecoins – vibes matter.

Pump(.)fun made its name as the go-to place for stupid tokens and hype. But LetsBonk is stealing that thunder.

→ Asking investors to value you at $4B when you’re already losing your crown? Not a great look.

🚩 2/ Sustainability questions

Pump(.)fun’s profit-first model worked when no one knew better.

But now LetsBonk is showing you can grow while actually supporting the community and the chain.

→ Investors and users may now doubt the long-term sustainability of Pump(.)fun’s model. Why would they support a platform that bleeds the ecosystem when another is giving back and growing faster?

🚩 3/ $4B looks insane

A $4B valuation implies confidence in future growth and market leadership.

→ If they’re already being outperformed, that confidence gets shaky – and investors might call BS on the valuation.

Sooo… is Pump(.)fun completely cooked?

Not yet. But it is starting to fall behind… We’ll know when we know.