Pump.fun Loses Ground as New Meme Coin Launch Platforms Emerge on Solana

The meme coin launchpad market on the Solana blockchain is experiencing significant changes in May 2025. New names like LetsBonk, Believe, and LaunchLab are threatening 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 attracting attention. Is Pump.fun's dominance in this field gradually coming to an end?

Over 200,000 Daily Transactions on Solana

Competition among meme coin launchpads is heating up the market and driving community participation. According to data from dune analytics, over 200,000 Solana addresses are trading daily on meme coin launchpads, reflecting the dynamism of this ecosystem.

Number of Solana addresses trading on meme coin launchpads. Source: Dune

The trading activity boom coincides with the emergence of new meme coin launchpads. Besides Pump.fun, the market now has additional options like LaunchLab, Auto.fun, and most recently, LetsBonk and Believe.

The emergence of these platforms quickly attracted community attention through impressive projects. For example, LAUNCHCOIN on Believe achieved a market capitalization exceeding 200 million USD.

Tokens like GOONC and DUPE on LetsBonk also recorded daily trading volumes reaching millions of USD. This demonstrates that new platforms are not only competing for market share but also creating significant profit opportunities for investors.

Pump.fun's Market Share Declines

For a long time, Pump.fun held a dominant position in the Solana meme coin launchpad space, with market share once exceeding 98%. However, according to Lookonchain, Pump.fun's daily token market share has sharply declined to 57.5%.

Data from dune analytics, displayed in the "Daily Token Market Share Deployed" chart, shows the rise of new competitors. LetsBonk holds 17.9% market share, Believe holds 12.9%, and LaunchLab records 5%. This decline marks the first time Pump.fun has faced genuine competition.

Market share of meme coin launchpad platforms. Source: Lookonchain

The dune analytics chart clearly illustrates this change. Platforms like LetsBonk and Believe began attracting attention from early 2025, especially from March, when the meme coin market became more vibrant.

The increasingly growing market share of new competitors reflects intensifying competition and shows users are seeking new options, possibly because Pump.fun no longer meets innovation and efficiency needs.

"Not really a strong opinion on how this plays out, but competition should benefit users," X user Ansem commented.

Hottest Meme Coins Shift to LetsBonk and Believe

One primary reason for Pump.fun's declining dominance might be the migration of "hot" meme coins to other platforms. According to dune analytics data, recent prominent meme coins like LAUNCHCOIN, GOONC, DUPE, and Hosico have been launched on LetsBonk or Believe, instead of Pump.fun.

Notably, Believe has seen significant growth. In the past month, the total market capitalization of tokens on this platform increased from 1.5 million USD to over 200 million USD.

Market capitalization of tokens on Believe. Source: Klaus

This change indicates meme coin developers are seeking new platforms to attract attention and leverage better incentive mechanisms. For example, Believe has attracted significant interest through its SocialFi model and rebranding from PASTERNAK to LAUNCHCOIN.

Meanwhile, LetsBonk stands out with its high token "graduation" rate, an important indicator 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 crucial metric for evaluating meme coin launchpad effectiveness. In the past 24 hours, Pump.fun recorded 204 "graduated" tokens, leading in volume. However, LetsBonk is not far 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 suggests the platform is attracting quality meme coin projects with broader trading potential. Although Pump.fun still leads in volume, its gradually declining market share indicates it's losing appeal to new developers. This could be due to competitors offering lower fees or better incentive mechanisms.

This competition could bring significant long-term benefits to the Solana ecosystem, as platforms must improve quality to meet user demands. However, investors should be cautious about price volatility risks associated with meme coins, especially as new tokens are often easily manipulated through "pump-and-dump" schemes. A recent study showed that 98% of tokens on Pump.fun were marked as scams.