PUMP price drops 15% as Bonk lauchpad dominates market share

Memecoin launchpad Pump.fun saw a more than 90% decline in revenue amid a collapse in its market share.

Solana-based (SOL) memecoin launchpad Pump.fun (PUMP) is rapidly losing its dominant position in the memecoin launchpad space. On Friday, August 1, the price of the PUMP token dropped 15%, from $0.00309 to a daily low of $0.002495, before rebounding to $0.0028. While the drop coincides with a broader market decline, it also reflects Pump.fun’s falling revenues and shrinking market share.

Notably, Pump.fun’s daily fees stood at $316,000 on August 1. On July 28, revenue hit a 10-month low at $307, according to DeFiLlama. This marks a 95% decline from the all-time high in daily revenue of $7 billion on January 23.

Daily fees on Pump.fun | Source: DeFiLlama

At the same time, Pump.fun experienced a significant drop in market share. In late July, its revenue share plummeted from 88% to just 19%, while LetsBonk’s dominance surged from 25% to about 78%. Pump.fun is also losing ground in the number of daily memecoin launches, with LetsBonk now leading the category.

Memecoins deployed by the memecoin launchpad platform | Source: X

Pump.fun is increasingly losing out to Bonk

Pump.fun’s revenue share has declined despite recent efforts to expand its ecosystem and incentivize creators. In May, Pump.fun introduced a 50% revenue share model, allowing creators to earn a portion of trading fees generated on the platform. On March 20, Pump.fun also launched its own decentralized exchange, PumpSwap, to capture additional fee revenue.

LetsBonk is a Solana-based memecoin launchpad created by the team behind the Bonk memecoin. Bonk is one of the largest memecoins on the Solana network, supported by a strong community. Since its launch in April, LetsBonk has offered a 60% revenue share and distributed fees to BONK token holders.