Solana Witnesses Emergence of New Meme Coin Launchpads, Challenging Pump.fun's Dominance
In May 2025, Solana's meme coin launchpad scene undergoes a major transformation, as newcomers like LetsBonk, Believe, and LaunchLab shake up the longstanding dominance of Pump.fun.
With Pump.fun's share dipping from a whopping 98% to 57.5%, these new platforms rise in popularity. Will Pump.fun's reign come to an end?
Solana's Breathing Life into the Meme Coin Launchpad Market
The cutthroat competition among meme coin launchpads is igniting the Solana market, driving community engagement. As per Dune Analytics, approximately 200,000 Solana addresses engage in daily transactions on meme coin platforms, clearly showcasing the ecosystem's vitality.
The spike in transaction activity aligns with the influx of new meme coin launchpads, serving as alternatives to the once-reigning Pump.fun. Platforms like LaunchLab, Auto.fun, LetsBonk, and Believe are grabbing the spotlight, joined by newcomers regularly.
New platforms are gaining traction by showcasing innovative projects, with LAUNCHCOIN on Believe surpassing $200 million in market capitalization. Tokens like GOONC and DUPE on LetsBonk also record impressive daily trading volumes, reaching millions of dollars.
Pum-ching! Pump.fun Takes a Hit
For a long while, Pump.fun held an insurmountable position in the Solana meme coin launchpad game, owning over 98% of the market. However, recent data from Lookonchain reveals that Pump.fun's daily token market share has nosedived to just 57.5%.
Data from Dune Analytics, visualized in the "Daily Tokens Deployed Market Share" chart, highlights the arrival of new contenders. LetsBonk claims 17.9% of the market share, Believe accounts for 12.9%, and LaunchLab bears 5%. The decrease signifies the first time Pump.fun has seen some real opposition.
The Dune Analytics chart succinctly illustrates the shift, as platforms like LetsBonk and Believe see significant growth from early 2025, particularly from March, when the meme coin world sprang to life. The growing market share of these newbies mirrors the escalating competition and suggests that users are intrigued by new possibilities, since Pump.fun may no longer cater to demands for innovation and efficiency.
"No strong feelings on how this pans out, but competition should be generally advantageous for users," said X user Ansem.
The Spotlight Shifts to LetsBonk and Believe
One potential reason for Pump.fun's dwindling dominance could be the migration of the hottest meme coins to other platforms. According to Dune Analytics, recent top meme coins, such as LAUNCHCOIN, GOONC, DUPE, and Hosico, are launched on LetsBonk or Believe, rather than Pump.fun.
Interestingly, Believe is growing rapidly. In the past month, the total market capitalization of tokens on the platform surged from $1.5 million to over $200 million.
This trend indicates that meme coin developers are seeking novel platforms to snatch attention and leverage better incentive schemes. For instance, Believe's SocialFi model and the rebranding of PASTERNAK to LAUNCHCOIN have attracted significant interest.
Simultaneously, LetsBonk stands out with its high token "graduation" rate, a critical metric measuring a token's ability to meet exchange-listing requirements.
Token "Graduation" Rate: LetsBonk on Fire, Pump.fun Still Sizzles in Volume
The token "graduation" rate is essential for assessing the effectiveness of meme coin launchpads. Over the past 24 hours, Pump.fun recorded 204 tokens graduating, placing them in the lead in terms of volume. Nevertheless, LetsBonk isn't far behind with 92 tokens, way surpassing LaunchLab (2 tokens) and Boop (12 tokens).
LetsBonk's high graduation rate signifies that the platform is capturing quality meme coin projects capable of meeting exchange-listing criteria. Although Pump.fun leads in volume, its declining market share suggests it is sliding out of favor with new developers since competitors may be offering lower fees or better incentives.
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Competition among meme coin launchpads could make a significant impact on the Solana space in the long haul. As platforms nudge each other to improve and innovate, the ecosystem is bound to prosper. However, investors must stay vigilant about the price instability risks inherent in meme coins, as newer tokens are often pinched by price manipulation schemes like "pump-and-dump" tactics. A recent report flagged 98% of tokens on Pump.fun as possible scams.
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- The meme coin launchpad market on Solana is facing a major transformation with newcomers like LetsBonk, Believe, and LaunchLab challenging the longstanding dominance of Pump.fun.
- Data shows Pump.fun's daily token market share has nosedived to 57.5%, with LetsBonk, Believe, and LaunchLab collectively making up the remaining 42.5%.
- Platforms like LetsBonk, Auto.fun, Believe, and LaunchLab are gaining traction by showcasing innovative projects, with tokens like GOONC and DUPE on LetsBonk recording impressive daily trading volumes.
- A significant indicator of a meme coin launchpad's success is the token "graduation" rate, with LetsBonk having a high rate, indicating its ability to capture quality meme coin projects.
- As meme coin launchpads compete for dominance, potential investors should be mindful of price instability risks and the possibility of scams, particularly in newer tokens, as a recent report flagged 98% of tokens on Pump.fun as potential scams.
