The Power Shift of the Solana On-Chain Memecoin Issuance Platform

"The king is dead, long live the king." This phrase echoed in the Palace of Versailles in 1774, symbolizing the rapid transfer of power. Today, this ancient ritual is being replayed on the memecoin issuance platform on Solana.

Pump.fun was once the undisputed leader, holding 88% of the market share just a month ago. However, it now has only 13% of the share, while the new challenger Let'sBONK has taken 86% of the territory. This is not only another manifestation of volatility in the crypto world but also a typical case of empire collapse: when the ultimate moat of attention is ignored, even the greatest first-mover advantage can vanish in an instant.

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The Rise and Fall of the Pump.fun Empire

Pump.fun was launched in January 2024 by three young people in their 20s, disrupting the issuance logic of meme coins. Users only need to upload an image, name it, and click a few times to issue a token at a cost of less than $2. This satisfies the underlying impulse to turn "worthless" things into "valuable" ones. By January 2025, Pump.fun had generated over $458 million in revenue, with peak daily income exceeding $7 million.

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However, the tragedy began with its most innovative live streaming feature. In order to gain attention, some users engaged in extreme behaviors during the live broadcasts, including simulating self-harm and threatening suicide. This led to Pump.fun being forced to disable the live streaming function, damaging its reputation and causing a significant drop in revenue.

In the face of the crisis, Pump.fun decided to self-rescue through an ICO. Although a large amount of funds was raised, the token distribution and locking mechanism sparked controversy. After a brief rise, the token price continued to fall, displaying a typical "death spiral" trend. Ultimately, the cancellation of the long-promised airdrop became the last straw that broke the camel's back.

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The Rise of Let'sBONK

When Pump.fun is in trouble, Let'sBONK is quietly building everything the competitor is missing: transparency, community orientation, and clear communication. Currently, Let'sBONK's daily revenue has reached $1.3 million, which is 5 times that of Pump.fun. Let'sBONK allocates 1% of its revenue each week to repurchase BONK tokens to support its ecosystem.

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The Importance of Attention Economy

Pump.fun once gained an advantage through network effects, but attention is fragile. A live streaming incident gave users reason to try alternative platforms, and Let'sBONK quickly became the "clean" choice. This is similar to the process of Facebook replacing Myspace.

Pump.fun is trying to counter by increasing the token buyback ratio and launching incentive programs, but the effect is limited. The problem lies not in tactics, but at the strategic level. Let'sBONK has built an ecological reward system closely tied to user interests, including locking rewards and a points system, which is more attractive than simple trading incentives.

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A Bigger Picture

In the digital market, a dominant position can vanish within months. The collapse of Pump.fun's reputation has led to a survival crisis. The success of Let'sBONK lies not only in its product advantages but also in seizing the moment.

Despite a significant shrinkage in market share, Pump.fun still has a chance to turn things around. They have ample capital reserves, mature technology, and brand recognition. The recently launched Pump.fun 2.0, increased buyback ratios, and user incentives demonstrate their determination to fight back.

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In the future, market fragmentation may occur, with Let'sBONK becoming the main platform, while Pump.fun transforms into a niche platform. However, to truly turn the tide, Pump.fun needs to rebuild trust, reclaim cultural high ground, and may also need a complete leadership overhaul.

In this power transition, we once again witness an ancient truth: when rulers lose legitimacy, no amount of resources can restore their dignity. Sometimes, in order to continue their rule, power must give way to new leaders.

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