The popular Solana Token LaunchPad Pump.Fun debuted the token on Monday and quickly entered the top 65 tokens by market capitalization. It followed a massive $600 million initial coin offering, or ICO, that sold out in just 12 minutes over the weekend.
Still, Pump is below Bonk in terms of market capitalization, a meme coin project that butts heads at Pump.Fun when stealing the market share of the Solana LaunchPad.
At the time of writing, Pump.Fun sits at a market capitalization of $2 billion, making it the 63rd largest cryptocurrency, according to Coingecko. To put that into perspective, it places the project on an official meme coin for the world of President Donald Trump and Sam Altman, previously known as World Coin.
However, rival project Bonk is currently trading at a market capitalization of $2.23 billion. To be clear, Bonk was launched in late 2022 as the Solana Meme Coin. By January, developers began picking up steam, slipping and frying as they supported the price.
The team and community that created Bonk continue to create Telegram Trading Tool Bonkbot, Paws’ dog charity buddies and more. Debuting in April, Meme Coin Launchpad Letsbonk is the latest in these projects.
Last week, Dune data shows that last week it repeated tokens created by Letsbonk Flipped Pump.daily, staying at the top for seven of the last eight days. Launchpad is a name shared with the token as it was created by the Bonk Meme Coin community.
Letsbonk is very similar to Pump.fun. However, Letsbonk also allows deployers to control the total power supply of the token, and is supported by Raydium’s LaunchLab infrastructure.
The team behind OG Solana Meme Coin has a wide range of catalogs offered, so comparing pumps and Bonk tokens is not an apple and april comparison. Bonk is integrated into dozens of Defi projects, games and development tools, and even has its own stadium sponsorship. Meanwhile, pumps, which are tokens rather than meme coins, focus only on Pump.Fun.
That being said, Pump.Fun is undoubtedly one of the biggest crypto projects to emerge in recent years, becoming the fastest crypto company to earn $100 million last year. Since then, revenue has been $784 million, according to Dune data.
This platform allows anyone to create a Solana token for free in under a minute. As a result, more than 11.89 million tokens have been created since its launch in January 2024. Many of them think of Moo Deng, Fartcoin, and Chill Guy.
More recently, the project has invested further in expanding the Streamer ecosystem by funding large streamer projects and paying users to post viral clips of their favorite Pump.fun Creators.
These bullish pumps are eagerly awaiting details on when launchpad will broadcast the token to users of the platform. In that talknomics, 24% of supply was dedicated to “Community and Ecosystem Initiatives.” Countless market predictors believe Pump.Fun Airdrops has a 47.7% chance by the end of July.
pump.fun refused to respond DecryptionRequest a comment.
(Disclosure: Myriad is a developed forecast market DecryptionDastan, the parent company. )
What happened on the launch day?
Throughout the first day of trading, the pump has been fairly stable, reaching a minimum of $0.0049 and a high of $0.0061, currently at $0.0055. At its peak it was trading at a 65% premium at $.004 ICO price.
According to Dune Data, this has led to 21.6% of ICO participants selling tokens via decentralized exchanges, while 43.4% transferring them from their wallets. It is worth noting that transferring a token does not mean that a trader has sold the token. Moving the token can mean splitting the token into your wallet.
Additionally, 31.8% of public sales buyers hold tokens, while 3.2% increase tokens after launch.
According to Dex Screener, there are no big winners who are still trading trading pumps with top traders and top traders, and they need millions of dollars to make a significant profit.
As you can imagine, a stream of knockoff coins was fired along with the pump, including the official pump. This is very unofficial. It peaked at a market capitalization of $3.13 million, followed by a crash of 74.75%.
