Pump.fun, once a dominant memecoin launchpad ruling Solana’s ‘degenscape’, is currently facing a hard time. After taking the crypto world by storm in 2024, the platform is now sputtering under pressure. Pump.fun’s revenue has now plunged below $300,000, a number last seen over a year ago.  

Cause of the plunge? Intense rivalry from a newcomer namely – LetsBonk. This newcomer has not only surpassed Pump.fun in market share but also humiliated it with a flurry of fresh volume, token graduations, and fees. At the moment, the tide in the memecoin market share is turning very fast.

The Rise of Pump.fun and the Great Meme Frenzy

Back in 2024, Pump.fun was untouchable. It was the launchpad for meme magic. If you had a funny idea and $2 dollars to spare, you could slap it on Solana and watch your coin fly, or crash and burn. 

It didn’t take long for Pump.fun to rake in big numbers. By July 2025 Pump.fun’s revenue soared to a whopping $730 million. The platform owned the memecoin scene boasting over 90% meme coin launched in 2024. Coins like Fartcoin exploded to billion-dollar market caps as degens cheered and critics shook their heads. 

But not everyone was buying the fad. Crypto influencer Crypto Bitlord slammed the platform as a “high-speed retail rugmill,” saying it served up chaos to retail investors while quietly extracting billions. He wasn’t wrong. Many users were left holding tokens worth less than a sandwich.

What’s worse than a rug?

A platform that mass-produces them.

PumpFun is a high-speed retail rugmill extracting billions
— and if you’re still supporting it, you’re serving a bloodbath to consumers $PUMP

🚫 Sign the petition to shut it down forever → [https://t.co/F1FEUinMKs]

— Crypto Bitlord (@crypto_bitlord7) July 25, 2025

Pump.fun’s features didn’t help its image. Its infamous livestream section was a magnet for unhinged stunts – fake kidnappings, pet threats, even staged suicide attempts – all for token pump action. The feature was pulled in November…only to reappear quietly in April. Classic Pump.fun!

LetsBonk Bonks Its Way to the Top

With Pump.fun crashing, LetsBonk entered the memecoin scene on April 25, 2025. LetsBonk wasn’t taken seriously at first. But on July 6, the launchpad surpassed Pump.fun in market share for the first time. And it didn’t stop there.

Now, LetsBonk now owns a jaw-dropping 85.5% of the memecoin launchpad market. Pump.fun? A measly 10.7%. That’s not just a drop – it’s a collapse. LetsBonk clocked in $332 million in volume, a whopping 87.5% more than Pump.fun’s $41.6 million.

The numbers tell the story. LetsBonk pulled in $1.3 million in fees in one day. Pump.fun didn’t even hit $210,000. In terms of token launches, LetsBonk saw 240 successful graduates in 24 hours. Pump.fun? Just 34.

What changed? Simplicity, speed, and trust. LetsBonk didn’t overpromise. It didn’t flirt with chaos. It delivered what Pump.fun once did – without the drama.

But Can Pump.fun Make a Comeback?

The memecoin launchpad still has a brand, an active community, and a war chest of wild ideas. But recent events haven’t helped. On July 12, it raised $500 million in 12 minutes through an ICO. Sounds like a win – until you hear that it had already raised $720 million from private investors who quickly dumped their tokens.

Then came the airdrop mess. Co-founder Alon Cohen told fans on July 23 that no airdrop would happen “in the immediate future.” Traders panicked and the PUMP token has now plunged to $0.0024, 39% below the ICO price of $0.004. 

The question now: can Pump.fun pivot? Or has the meme world moved on for good? Only time will tell.