Pump.fun has regained its status as the largest memecoin launchpad on Solana over the past two weeks.
The dominance is evident in both revenue generation and trading volume. According to data from Blockworks, Pump.fun dominated 62% of all revenue generated from Aug. 4 to Aug. 17, which amounts to nearly $16.7 million.
Regarding trading volume, Pump.fun reached approximately $1.4 billion in the same period, representing 55.6% of all trading volume from memecoin launchpads from Solana.
The growth in both metrics comes from increasing token creation, with 293,192 tokens created using Pump.fun’s infrastructure in two weeks. This is equivalent to 66% of all tokens created in the period.
Losing dominance
Pump.fun started losing ground to Bonk.fun in early July. The movement was attributed to Bonk.fun’s buyback program related to BONK, where 50% of Bonk.fun fees were directed to buy and burn the token.
An additional 8% of the fees were used to buy and hold BONK on reserves. The model attracted users to interact with the platform, resulting in nearly 606,000 tokens created from July 1 to Aug. 3. During the same period, Pump.fun saw 379,253 tokens launched.
Furthermore, the number of tokens created on Bonk.fun that surpassed $1 million in market cap grew 130%, while Pump.fun’s slid by 7.5%.
The activity and tokens success prompted Bonk.fun to capture 54% of the fees generated from July 1 to Aug. 3, while Pump.fun got 24.4% of the revenue from Solana memecoin launchpads.
Bonk.fun’s numbers even influenced BONK, which jumped up to 134% in July. Meanwhile, Pump.fun’s PUMP token collapsed from a fully diluted value of $4 billion to $2.4 billion in the same month.
Getting the crown back
The reversion started on Aug. 6, amid Pump.fun’s token buyback plan becoming more aggressive. Since Aug. 7, the launchpad has never bought less than $1 million worth of PUMP tokens, except for Aug. 9.
The movement helped Pump.fun partially clear its reputation with crypto investors. They raised $1 billion from the PUMP pre-sale on July 12 and have amassed nearly $814 million in total revenue since January 2024.
However, the launchpad limited PUMP buybacks to six-digit acquisitions until Aug. 7.
Furthermore, Messari senior research analyst Matthew Nay argued that rumors of a PUMP airdrop also helped to capture user interest, resulting in growing numbers.
In a note, he added that another catalyst was an X post from Pump.fun co-founder, Alon Cohen, which mentioned the creation of community coins and deploying revenue into them through the Glass Full Foundation.
Nay concluded:
“With both of these headwinds, the heavy deployers came back to the platform, along with the traders.”
The post Pump Fun reclaims Solana memecoin launchpad dominance with 62% revenue share over two weeks appeared first on CryptoSlate.
