Pump.fun reclaims top spot over LetsBonk in 24-hour memecoin launches

Solana memecoin launchpad Pump.fun reclaimed its top spot in new token launches, narrowly surpassing its rival LetsBonk.fun.

According to Dune Analytics data reported by user "Adam_Tehc," Pump saw 13,690 new tokens launched in the past 24 hours compared to LetsBonk's 13,392. However, LetsBonk led in daily trading volume with $87.7 million, outpacing Pump.fun's $82.4 million.

"Pump.fun, the legacy launchpad with deeper liquidity and history, recently re-flipped LetsBONK.fun as its PUMP token regained momentum," said Kronos Research CIO Vincent Liu. 

Last month, Pump.fun launched its native token as part of an initial coin offering, which raised $600 million in just 12 minutes. While the price of PUMP started to decline the following week, the platform has apparently initiated a multimillion‑dollar buyback of its token, according to onchain data.

Data from CoinGecko shows that PUMP's price is experiencing a slight rebound, rising 17.8% in the past week to currently trade at $0.003247. Still, it remains down 52% from its all-time high of $0.006812 recorded soon after its ICO.

Pump, which has long been the dominant launchpad that steered last year's memecoin craze, was recently overtaken by LetsBonk, which is backed by the Bonk community and integrated with Raydium's LaunchLab.

The platform supports the BONK memecoin, a Solana memecoin that was founded in the wake of the FTX collapse in December 2022 to improve liquidity on Solana, by using half of its fee revenue to buy and burn BONK tokens. Fee revenue is also used to buy BONKsol, a liquid staking token, and support other ecosystem initiatives. 

"LetsBONK's strong community and Raydium integration continue driving its rapid growth, making liquidity and community the core of their rivalry," Liu said. "The true test will be which platform endures with continuous development and active community engagement."

Solana v. Base

Meanwhile, Solana itself is facing challenges as the leading memecoin network, with Base emerging as a strong contender. The number of tokens launched on Base launchpads recently surpassed that of Solana launchpads.

The Coinbase-incubated Layer 2 recently launched the Base App, which incorporated Zora and Farcaster, which automatically mints posts on decentralized social media platform Zora as a tradable ERC-20 token.