The meme coin launchpad market on the Solana blockchain is undergoing a major change in May 2025. Newcomers like LetsBonk, Believe, and LaunchLab threaten Pump.fun’s dominance.
With Pump.fun’s market share dropping from over 98% to just 57.5%, new platforms like LetsBonk and Believe are gaining traction. Is Pump.fun’s dominance in the sector coming to an end?
Over 200,000 Solana Daily Transaction Addresses
The competition among meme coin launchpads is heating the market and driving community participation. According to data from Dune Analytics, over 200,000 Solana addresses transact daily on meme coin launchpad platforms, reflecting the ecosystem’s dynamism.
Number of Solana Addresses Transacting on Meme Coin Launchpads. Source: Dune
The surge in trading activity coincides with the explosion of new meme coin launchpads. Beyond Pump.fun, the market now offers additional options like LaunchLab, Auto.fun, and more recently, LetsBonk and Believe.
The emergence of these platforms has quickly captured community attention through impressive projects. For example, LAUNCHCOIN on Believe achieved a market capitalization exceeding $200 million.
Tokens like GOONC and DUPE on LetsBonk also recorded daily trading volumes reaching millions of USD. This demonstrates that new platforms compete for market share and create significant investor profit opportunities.
Pump.fun’s Market Share Declines
For a long time, Pump.fun held a dominant position in the Solana meme coin launchpad space, with a market share once exceeding 98%. However, according to Lookonchain, Pump.fun’s daily token market share has sharply dropped to 57.5%.
Data from Dune Analytics, displayed in the “Daily Tokens Deployed Market Share” chart, highlights the rise of new competitors. LetsBonk holds 17.9% of the market share, Believe accounts for 12.9%, and LaunchLab records 5%. This decline marks the first time Pump.fun has faced real competition.
Market Share of Meme Coin Launchpad Platforms. Source: Lookonchain
The chart from Dune Analytics clearly illustrates this shift. Platforms like LetsBonk and Believe began gaining traction from early 2025, particularly from March, when the meme coin market became more active.
The rising market share of newcomers reflects intensifying competition and indicates that users are seeking new options, possibly because Pump.fun no longer meets demands for innovation and efficiency.
“Don’t really have a strong opinion on how this plays out but competition should be net good for users,” X user Ansem commented.
Hottest Meme Coins Shift to LetsBonk and Believe
One of the main reasons for Pump.fun’s declining dominance could be the migration of “hot” meme coins to other platforms. According to data from Dune Analytics, recent prominent meme coins like LAUNCHCOIN, GOONC, DUPE, and Hosico were launched on LetsBonk or Believe, rather than Pump.fun.
Notably, Believe has seen remarkable growth. In the past month, the total market capitalization of tokens on the platform surged from $1.5 million to over $200 million.
Believe Tokens Marketcap. Source: Klaus
This shift indicates meme coin developers seek new platforms to attract attention and leverage better incentive mechanisms. For instance, Believe has garnered significant interest through its SocialFi model and the rebranding of PASTERNAK to LAUNCHCOIN.
Meanwhile, LetsBonk stands out with its high token “graduation” rate, a key metric reflecting a token’s ability to meet criteria for trading on major exchanges.
Token “Graduation” Rate: LetsBonk Excels, Pump.fun Still Leads in Volume
The token “graduation” rate is a critical metric for evaluating the effectiveness of meme coin launchpads. In the past 24 hours, Pump.fun recorded 204 tokens “graduating,” leading in volume. However, LetsBonk was close behind with 92 tokens, far surpassing LaunchLab (2 tokens) and Boop (12 tokens).
Daily Graduation On Solana Meme Coin Launchpads. Source: Dune
LetsBonk’s high graduation rate indicates that the platform is attracting quality meme coin projects capable of meeting criteria for broader trading. While Pump.fun still leads in volume, its declining market share suggests it is losing appeal among new developers. This may be due to competitors offering lower fees or better incentive mechanisms.
This competition could significantly benefit the Solana ecosystem in the long term, as platforms must improve quality to meet user demands. However, investors should remain cautious of the price volatility risks associated with meme coins, especially since new tokens are often susceptible to price manipulation through “pump-and-dump” schemes. A recent study found that 98% of tokens on Pump.fun were flagged as scams.
