$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
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