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After a difficult month marked by a drop in revenue and the breakthrough of LetsBonk, Pump.fun regains its leadership. The memecoin platform recaptured 73% market share, generating 13.48 million in one week, a record performance. This rebound is part of the broader recovery of the crypto sector, driven by renewed interest in memecoins.
In brief
- Pump.fun retakes the lead on Solana in August, generating 13.48 million dollars and 73% market share.
- With 4.68 billion dollars in weekly volume, the platform crushes LetsBonk and confirms its dominance in memecoins.
- Despite a 5.5 billion class action lawsuit, Pump.fun continues its remarkable growth, illustrating the paradoxes of the crypto sector.
Dominance Regained on Solana
The battle for the top spot among memecoin launchpads on Solana had turned in favor of LetsBonk in July. The emerging platform had managed to surpass Pump.fun on several 24-hour periods, attracting some traders seeking new opportunities.
Mid-August, Jupiter confirms the return of Pump.fun with 4.68 billion in volume, 1.37 million traders, and 162,000 tokens. For comparison, LetsBonk remains far behind with 974 million in volume and only 6,000 tokens created.
This dominance illustrates the network effect benefiting Pump.fun. The more it attracts projects and crypto traders, the stronger its position. On Solana, speed and low cost favor Pump.fun, which seems to have found the winning formula to assert itself.
A Future Between Expansion and Legal Uncertainties
Even though Pump.fun’s numbers are impressive, its future remains fraught with obstacles. The platform faces a 5.5 billion dollar class action lawsuit.
Plaintiffs accuse it of using “guerrilla marketing” techniques and compare its mechanics to a “rigged slot machine.” To some, Pump.fun is nothing more than a crypto casino without a license, where early entrants benefit at the expense of newcomers.
However, these accusations do not seem to slow its growth. Its lifetime revenue already exceeds 800 million dollars, proof that crypto investors’ appetite remains intact. Even Anatoly Yakovenko, co-founder of Solana Labs, recently highlighted Pump.fun’s potential, even mentioning a possible evolution towards a global streaming platform.
Between unbridled innovation and a regulatory gray area, Pump.fun perfectly illustrates the contradictions of the cryptocurrency sector: a capacity to create explosive value but on legally unstable ground.
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Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.