Original Title: "The Old King is Dead, Long Live the New King: Power Transition on Meme Coin Platforms"

Original Author: 0xresearcher

Recently, among those who mint coins on Solana, fewer and fewer are talking about Pump.fun and instead discussing a new name—LetsBONK.fun.

Some say that Pump.fun has stepped down, and the new king has arrived.

What exactly happened? Why is the community's preference quietly shifting?

We will tell you the story of this "platform regime change" in simple terms.

Pump.fun: From Former Dominance to Deep Public Opinion Crisis

For over a year, Pump.fun was the hottest Meme coin platform on Solana.

Its operation was simple, requiring just a few steps to mint your own coin, attracting a large wave of creators and speculators.

It used to launch tens of thousands of Meme projects in a single day, raking in profits.

However, issues started to emerge:

The platform accumulated a significant amount of funds, with total revenue exceeding $700 million over the course of a year.

Despite this, user returns were minimal, with data showing that less than 5% of users earned over $1000.

The platform did not support project growth and did not leave anything for the community or ecosystem.

Finally, it announced the launch of its platform token, with a valuation of up to $4 billion!

In summary: the platform made a lot of money, but users ended up as "accomplices and tools."

Image: Pump.Fun related address sells another 112,000 SOL, equivalent to $16.89 million

LetsBONK.fun: Not for Pumping, but for "Co-Building"

In April 2025, the coin minting platform LetsBONK.fun, led by the BONK Meme coin community, went live.

It immediately caught people's attention:

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

· Trading volume exceeded $300 million within 24 hours

· As of now, 180,000+ tokens have been issued through the platform, far surpassing similar platforms

The key difference is: the platform is not reaping everyone's rewards but instead funneling the income back to the ecosystem.

A truly "co-building platform": How is the revenue distributed?

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

Mutual Achievements of the Platform and Memes: LetsBONK.fun is not just about encouragement but real financial support

The LetsBONK.fun platform not only supports projects in their launch but actually financially assists them.

Take $USELESS as an example:

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

and with this asset, helps it apply for listing on a tier-one exchange

It is estimated that this initiative has injected over $600,000

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

Pump.fun makes money by exploiting community hype without leaving any resources for the project; meanwhile, Bonk.fun uses real resources to propel projects onto a bigger stage.

It could be said that LetsBONK.fun has done what Pump.fun has never done, and users are voting with their feet.

A set of recent data that explains it all:

As of July 2025:

· LetsBONK.fun's token supply is 15,600, officially surpassing Pump.fun's 11,500

· LetsBONK's market share is 51%, while Pump.fun has fallen to 39.9%

· Leading in the number of popular projects, active users, and daily trading volume

All of these are not purely based on "hype," but are a new generation of coin issuance samples that are combined with community, functionality, and narrative.

So why did users choose LetsBONK.fun?

Because it sends a signal:

· You are not a passive investor, but a co-builder

· The project is not meant to be exploited but to grow

· Participation is not about "daydreaming" but about "doing"

This is also why so many people are flocking to this platform, not just to launch a coin, but for a space where they can "play for a long time and delve deep."

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