In May 2025, the Solana blockchain’s meme coin launchpad market is experiencing a significant transformation. The dominance of Pump.fun is being challenged by newcomers like LetsBonk, Believe, and LaunchLab.
As Pump.fun’s market share drops from over 98% to 57.5%, platforms such as LetsBonk and Believe are gaining momentum. Is Pump.fun’s reign in the sector nearing its end?
Over 200,000 Solana Daily Transaction Addresses
The competition among meme coin launchpads is intensifying, driving community engagement. Data from Dune Analytics reveals that over 200,000 Solana addresses are transacting daily on meme coin launchpad platforms, showcasing the ecosystem’s vibrancy.
Number of Solana Addresses Transacting on Meme Coin Launchpads. Source: Dune
The surge in trading activity aligns with the proliferation of new meme coin launchpads. Apart from Pump.fun, the market now offers alternatives like LaunchLab, Auto.fun, and the recent entrants LetsBonk and Believe.
These platforms have quickly captured community interest through compelling projects. For instance, LAUNCHCOIN on Believe achieved a market cap exceeding $200 million.
Tokens like GOONC and DUPE on LetsBonk have also seen daily trading volumes in the millions, showcasing the competition for market share and the lucrative opportunities for investors.
Pump.fun’s Market Share Decline
While Pump.fun once held a dominant position in the Solana meme coin launchpad space with a market share over 98%, its daily token market share has now plummeted to 57.5%, as per Lookonchain.
Market Share of Meme Coin Launchpad Platforms. Source: Lookonchain
The data illustrates the ascent of new competitors, with LetsBonk commanding 17.9% market share, Believe at 12.9%, and LaunchLab at 5%. This decline marks Pump.fun’s first encounter with substantial competition.
Platforms like LetsBonk and Believe began gaining traction in early 2025, particularly in March when the meme coin market saw increased activity.
The uptick in market share for newcomers signals heightened competition and suggests users are exploring new options, potentially due to Pump.fun’s perceived lack of innovation and efficiency.
“Competition should be a net positive for users,” commented X user Ansem.
Hottest Meme Coins Shift to LetsBonk and Believe
One reason for Pump.fun’s waning dominance could be the migration of popular meme coins to other platforms. Recent notable meme coins like LAUNCHCOIN, GOONC, DUPE, and Hosico were launched on LetsBonk or Believe rather than Pump.fun, as per Dune Analytics.
Believe Tokens Marketcap. Source: Klaus
This shift indicates that meme coin developers are seeking new platforms to attract attention and leverage better incentive structures. Believe’s total market cap surged from $1.5 million to over $200 million in just a month, showcasing remarkable growth.
LetsBonk’s high token “graduation” rate reflects its ability to attract quality projects meeting trading criteria. While Pump.fun leads in volume, its diminishing market share suggests a decline in appeal to new developers, possibly due to competitors offering superior fees or incentives.
This competition could benefit the Solana ecosystem in the long run, as platforms strive to enhance quality to meet user expectations. However, investors should remain cautious of price volatility risks associated with meme coins, especially since new tokens are susceptible to price manipulation through “pump-and-dump” schemes. Recent findings indicated that 98% of tokens on Pump.fun were flagged as scams.