The old king is dead and the new king is crowned: the power transition of the Meme coin issuance platform

Author: 0xresearch

Recently, friends who issue coins on Solana have mentioned Pump.fun less and less, and instead talked about a new name - LetsBONK.fun.

Some people say that Pump.fun has abdicated and the new king is it.

What happened? Why are the choices of community users quietly changing?

We use simple language to tell you the story of this "platform transposition".

Pump.fun: From the former overlord to the whirlpool of public opinion

Pump.fun has been the most popular Meme coin issuance platform on Solana for more than a year.

It is easy to operate. With just a few steps, you can issue your own coins, which has attracted a large number of creators and speculators.

Ten thousand Meme projects were launched online in one day, making a lot of money.

But the problems were gradually exposed:

The platform collected a lot of money, with cumulative revenue exceeding $700 million in more than a year

The user return was very small. Data showed that less than 5% of users could earn more than $1,000

The platform does not support project growth, nor does it leave anything for the community or ecology

Finally, it announced that it would issue platform coins, with a valuation of up to $4 billion!

To sum up in one sentence: the platform makes a lot of money, but users become "running tools".

Picture: Pump.Fun related addresses once again sold 112,000 SOL, equivalent to 16.89 million US dollars

LetsBONK.fun: Not here to roll, but to "co-build"

In April 2025, LetsBONK.fun, a coin issuance platform led by the Meme coin BONK community, was launched.

It was eye-catching as soon as it was launched:

• On the first day of launch, 800,000 people participated and 2,700 tokens were issued

• Trading volume exceeded 300 million US dollars within 24 hours

• So far, 180,000+ tokens have been issued through the platform, far exceeding similar platforms

The biggest difference is that the platform does not harvest everyone, but gives income back to the ecosystem.

A true "co-construction platform": How is the income distributed?

Let's take a look at the on-chain distribution data on July 7, 2025 (total revenue 68,768 SOL):

The mutual achievement of the platform and meme: LetsBONK.fun not only encourages, but also provides real financial support

The LetsBONK.fun platform will not only support the project launch, but also provide financial support.

Take $USELESS as an example:

The platform directly purchases $USELESS from the market, establishes a project treasury

and uses this asset to help it apply for listing on a primary exchange

According to statistics, this initiative has invested more than $600,000

In the meme world, this kind of support is almost unprecedented.

Pump.fun made money from the community's enthusiasm, but left no resources for the project; while Bonk.fun used real money to push the project onto a bigger stage.

It can be said that LetsBONK.fun did what Pump.fun never did, and users are also voting with their feet.

A set of latest data explains everything:

As of July 2025:

• LetsBONK.fun's token issuance is 15,600, officially exceeding Pump.fun's 11,500

• LetsBONK's market share is 51%, and Pump.fun has retreated to 39.9% 

• The number of popular projects, active users, and daily transaction volume are all leading

These are not simply based on "hype", but a new generation of coin issuance samples combined with community, functions, and narratives.

So, why do users choose LetsBONK.fun?

Because it sends a signal:

• You are not a leek, but a co-builder

• Projects are not for cutting, but for growing

• Participation is not "dreaming", but "doing things"

This is why so many people flock to this platform, not just to issue a coin, but also for a space where they can "play for a long time and do it deeply".