- The letsBONK.fun platform has received more popularity than Pump.fun due to the support from the Bonk community.
- The challenges that faced Pump.fun including rug pulls and livestream chaos have played a crucial part in the success of LetsBONK.fun.
- Bonk token surpassed Official Trump (TRUMP) to become the largest memecoin project on the Solana network.
LetBONK.fun, a memecoin launchpad on the Solana (SOL) network, has surpassed its rival Pump.fun in the overall 24-hour revenue. According to market data from defillama, letsBONK.fun generated $1.04 million in daily revenue, nearly doubling the $533,412 brought in by the long-time incumbent, Pump.fun.
The letsBONK.fun platform has gained notable popularity among memecoin traders and crypto speculative investors primarily due to the support from the Bonk (BONK) community.
Major Reasons Why LetsBONK.fun Surpassed Pump.fun Launchpad
The Pump.fun platform has received more criticism from the Solana community for more than 80 percent of the tokens created ending up being dead projects. Earlier this year, the Pump.fun platform was hit by chaotic scenes through its livestream feature, which included people harming themselves.
Related: Is Pump.fun Fueling the Next Solana-Based Memecoin Explosion?
The Pump.fun platform has also been reported with several rug pulls, whereby some developers created thousands of tokens since its inception. On top of its community issues, Pump.fun has also faced several legal challenges, with multiple lawsuits alleging securities violations.
The letsBONK.fun Advantage: A Community-Driven Model
The monotony of memecoin launchpad on the Solana ecosystem led to the creation of letsBONK.fun. The developers of LetsBONK.fun also made it easier for users to launch their tokens through strategic partnerships within the Solana ecosystem led by Radium Protocol.
Following the letsBONK.fun platform surpassing Pump.fun memecoin launchpad, Bonk (BONK) token recorded palpable gains. According to market data provided by Coingecko, BONK price gained 5.5% in the past 24 hours to trade at about $0.00002291 on Monday, July 7, during the mid-London trading session.
Related: Pump.fun’s Dominance on Solana Challenged by New Rivals
The mid-cap memecoin, with a fully diluted valuation of about $2 billion and a 24-hour average trading volume of around $1.2 billion, has gained over 84 percent in the past two weeks. Consequently, the BONK memecoin has surpassed the Official Trump (TRUMP) coin to become the largest memecoin project within the Solana ecosystem.
The correlation between LetsBONK.fun and Bonk memecoin was coined through the fees sharing mechanism. Notably, a portion of the fees collected through the LetsBONK.fun platform is allocated to the BONKsol validator.
Additionally, a portion of the fees collected through the LetsBONK.fun platform is allocated to the buybacks to aid BONK memecoin to facilitate its token burns. Ultimately, the Solana network remains the largest beneficiary of the success of both Pump.fun and LetsBONK.fun platforms.
Furthermore, the memecoin ecosystem on the Solana network has grown to a market capitalization of about $11.23 billion and a 24-hour average volume of around $3 billion.
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