In the past 24 hours, Solana-based memecoin launchpad LetsBonk issued just one graduate token, marking a sharp decline in its token issuance activity and leading to a drop in its market share to 1%. This contrasts with its earlier dominance in the Solana memecoin launchpad market, where it had briefly overtaken long-standing platform Pump.fun in the number of tokens launched. The recent slowdown appears to be part of a broader market correction within the memecoin sector, which has seen increased volatility and competition from alternative launchpads such as Bags and Pump.fun [4].
The token issuance slowdown is particularly notable given the recent surge in memecoin trading volumes across Solana. Jupiter, a decentralized exchange aggregator, reported that Pump.fun retained the top position in trading volume and market share for the last seven days, with 73.6% of the Solana memecoin launchpad market. LetsBonk, by comparison, held just 15.3% of the market, with $974 million in weekly trading volume, reflecting a significant decline from its earlier dominance [3].
The market dynamics highlight the competitive landscape among Solana-based launchpads. Bags, a newer platform that launched in May, has emerged as a notable player, accumulating over $1 billion in trading volume in just 30 days. Bags distinguishes itself by offering creators a share of trading fees as royalties, a model that has attracted attention within the growing memecoin ecosystem [2]. Despite this, the broader market for Solana memecoins remains dominated by Pump.fun and LetsBonk, with both platforms capturing the majority of the sector’s trading activity.
The decline in LetsBonk’s token minting activity has also been mirrored by a drop in its user engagement metrics. According to Jupiter, LetsBonk recorded just over 6,000 token mints in the last week, compared to Pump.fun’s 162,000 mints. This disparity underscores the shifting preferences of token creators and traders, who appear to be gravitating toward platforms offering more stable or predictable returns. The competition is further intensifying as new platforms introduce innovative features, such as Bags’ creator-centric model and Pump.fun’s recent token buyback mechanism [4].
Despite the challenges, the Solana memecoin sector continues to expand. Data from CoinMarketCap indicates that the total market capitalization of the memecoin category reached nearly $75 billion in mid-August, following a 20% decline earlier in the month. The sector’s growth is being fueled by the proliferation of new tokens, with Base, a blockchain incubated by Coinbase, recently outpacing Solana in the number of memecoins launched in a single day [4]. This rapid expansion, however, has also raised regulatory concerns, with Pump.fun currently facing a $5.5 billion class-action lawsuit over allegations of misleading marketing and unfair trading practices [3].
The recent developments underscore the dynamic and speculative nature of the memecoin market. While platforms like Pump.fun and LetsBonk continue to dominate, the emergence of alternative models like Bags suggests a potential shift in how memecoins are created and monetized. As the sector evolves, market participants will likely continue to monitor key metrics such as trading volume, token minting activity, and platform innovation to gauge the long-term sustainability of the Solana memecoin ecosystem [3].
Source:
[1] title1 (https://www.coinbase.com/price/bonk)
[2] title2 (https://www.dlnews.com/articles/defi/pump-fun-rival-bags-secures-1bn-user-trading-volume/)
[3] title3 (https://cointelegraph.com/news/pumpfun-solana-memecoin-revenue-lawsuit-august-2025)
[4] title4 (https://www.theblock.co/post/367585/pump-fun-surpasses-800-million-in-lifetime-revenue-as-solana-memecoin-launchpad-competition-heats-up)