LetsBonk.fun has already established itself as the leading meme platform on Solana, with 66.5% market share. The new token creation venue displaced Pump.fun, which now holds a minority share of 22%. LetsBonk.fun has consolidated its status as the leading meme launch platform on Solana. It increased its activity level in newly launched memes, attracting the top creators with significant rewards. The BONK token also traded near its higher range in the past three months, reflecting the platform’s success. The new contender showed that it was possible to draw in the “trenches” with sufficient token generation, as traders flocked to find the rare runner among the thousands of memes created. The daily market share for LetsBonk fluctuates, but the bulk of new creations and graduations are still happening on the platform. On a weekly basis, over 80% of meme tokens are generated on LetsBonk. The rise of the new platform showed there may be more than one launchpad, but that the “trenches” prefer to bet on a single set of tokens. The Solana meme space is still tightly shared among a few players, with almost no traffic to smaller platforms. LetsBonk carried over 80% of top tokens graduating from meme platforms. | Source: Blockworks Pump.fun still carries the larger share of established tokens with a significant market cap and social media presence. Pump.fun tokens are still valued at over $4B and have more significant representation on exchanges. Whales drive token activity on Letsbonk A significant part of graduating tokens and subsequent trading comes from a handful of top whales. The current meme model shows trading also depends on the raw number of new tokens, instead of carefully curated communities. Traders are tracking newly graduated assets instead of waiting for older memes to go through their cycles. The top creators are suspected to be bots , as they have generated hundreds of tokens. The top address on LetsBonk generated 289 tokens per day, of which 42 graduated to exchanges, for a rate of 0.65%. The top whale wallet is also an active trader of older tokens like WAIFU and MAGA. The whale launched a total of 6,418 tokens, though the most prolific whale created 13,169 tokens, of which only 62 are traded on exchanges. Out of all graduating meme tokens, in general, only a handful retain any trading activity in a month. However, the rapid activity helps keep platforms afloat in terms of predictable daily revenues. LetsBonk peaked at $2M daily fees in July, after which daily revenues fell slightly. As of August 4, LetsBonk was ranked 18th based on fee production, with over $748K for the day. Pump.fun habitually brings under $500K in daily fees. SOL retreated to a lower range at $163.25, following a recent market correction. The network retained 50% of its daily active users from the July peak, at around 2.69M. The meme market increased SOL demand for fees and trench trading. Currently, SOL still awaits a breakout based on its DeFi sector and lending. The eventual approval of ETFs may also boost demand. Solana total value locked recovered to $9.57B, driven by the expansion of Kamino Lend. The chain also carries over $12B in stablecoins, preparing for another round of expansion. KEY Difference Wire helps crypto brands break through and dominate headlines fast
