$PUMP makes the greatest comeback in the history of crypto. It almost died and lost the lore right after the TGE, but now taking the king seat again Early June • @pumpdotfun share: 93.7% ($1.2B) • @bonk_fun share: 2.6% ($32M) Late July • $PUMP share: 13.3% ($147M) • $BONK share: 79.1% ($875M) Early September • $PUMP share: 86.5% ($1.1B) • $BONK share: 7.3% ($92M) Causes of the Fall: Why http:/Pump.Fun Lost Its Dominance? 1. Narrative takeover by @bonk_fun Value accrual vs Value extraction discussion dominated the space • $BONK: 58% of fees distributed to holders (50% buyback + 8% rewards) • $PUMP: $600M raised through ICO → no buyback from the ICO funds 2. $PUMP ICO was the absolute disaster ICO while losing attention led to slow bleed post TGE • Raise $600M at $4B FDV during dominance decline • Co-founder past statement: "All presales are scams" How did they make the biggest comback? Stage 1: Glass Full Foundation • $1.69M injection into ecosystem like $HOUSE $341K, $TOKABU $339K, and $SALARY $172K • $PUMP up 8% Stage 2: Aggressive Buyback Program • Since July 28, PumpFun has instead directed nearly 100% of daily revenue to buybacks, spending about $62.2M to date (~5% supply) Stage 3: Creator incentive • Fee structure: 1.25% at launch, down to 0.30% once market cap over $20M • First day performance: creator earnings 10x-ed • Market reaction: $PUMP +14% State of the Market @heavendex • 100% revenue buyback ("God Flywheel") • 9.9% share & $123M volume at the 1st week • Dominance dropped to 0.2% so far LetsBonk • 79.1% in late July → 7.3% in early September • Lost relevance after $PUMP buyback and Project Ascend • Weekly volume: $875M → $92M $PUMP experienced of falling to 13.3% MS shows that the era of launchpad monopoly is over. $LIGHT achieved 9.9% share within a week, and innovative competitors will continue to emerge. The $SOL memecoin launchpad has now entered an era of multipolar competition. @pumpdotfun has reclaimed its throne, but it cannot maintain that position without innovation All market share and volume data made by @adam_tehc