LetsBONK's market value exceeded $30 million in 6 hours, and Raydium launched a counterattack on Pumpfun

Author: Rhythm BlockBeats

In the early morning of April 26, Solana's veteran Meme Coin BONK announced the issuance of its own LaunchPad - LetsBonk.fun. The market shouted "LetsBONK!" In just 24 hours, 800,000 visitors, 300 million transaction volumes and 2,700 tokens were created, with more than 70 of them successfully launched, and the token of the same name, Let's BONK, soaring its market value of US$30 million in 6 hours.

With so many projects publishing LaunchPad, why can BONK have such great energy? After the initial climax, is BONK a flash in the pan or is it just here?

BONK’s position in the Solana ecosystem

When it comes to BONK, many people’s first impression is “yellow Shiba Inu’s logo” and the second impression is “a airdrop of Saga mobile phone.” Tracing the root of this yellow Shiba Inu is the number one hero of Solana mobile phone sales. When Solana launched Solana mobile phones, she wanted to create an ecosystem. The first step was to issue mobile phones, but the focus was to create an application store that puts encryption first, so that encryption participants are not subject to the ecosystem of Apple and Google.

But at the beginning, the sales of mobile phones were only 20-30 units a day, and even after promotion, the sales volume reached only 50-60 units. It may take several years to sell 20,000 mobile phones. When Toly participated in Laura Shin's podcast, he admitted that he only sold 2,500 Saga mobile phones, but in just three days they sold 15,000 in just one day. At this time, Saga's airdrop BONK was several times the price of the mobile phone. Through airdrop BONK, a new model was created, connecting physical products and the ecosystem through a Memecoin.

In an interview with Bankless, Toly said, "I think Solana developers and NFT developers are two groups, and they have some intersections, but obviously these are two different types of developers, and BONK connects the two, and the phone becomes an NFT, and BONK holders have to pay attention to the ecosystem of mobile apps."

In the blink of an eye, two years have passed, and BONK has also continued to build the Solana ecosystem for 2 years. Whether it is DeFi, GameFi, the developer community or the application introduction, it has established more than 10 applications and integrated $BONK into more than 100 ecosystems. And when the Solana ecosystem needs to start a LaunchPad war, he came again with LetsBonk.fun.

LetsBONK!

LaunchPad mechanism

A few hours after BONK officially released the four community policies of READ "Reduce Supply, Expand Awareness, Accelerate Adoption, and Drive Revenue", BONK launched LetsBONK.Fun to implement the "Accelerate Adoption". "It's not enough to talk about $BONK, it needs to be used" also speaks the way.

The transaction fee of the BONK platform is 1%, and some of them will be verified using BONKSOL nodes, and some of them will be used to repurchase and destroy $BONK, which also achieves "Reduce Supply". Once launched, the platform was supported by a number of project parties and OG community in the Solana ecosystem. Dex leader Jupiter, encryption "Paypay" MoonPay, OG community MonkeDAO "SMB Community", Solana founder Toly and other core figures have "sent congratulatory messages LetsBonk".

What coins does LetsBONK have?

DUMPFUN

Within the first few hours of LaunchPad's release, three tokens emerged and formed a three-legged stalemate. First, the first token, DumpFun, was deployed, and achieved a market value of US$6 million in three hours with its first-mover advantage. But with the strength of other tokens, Ticker, which is inherently unsuitable for speculation, has fallen into a disadvantage, and has almost returned to a market value of US$80,000 as of now.

LETSBONK

LetsBONK is the Meme with the same name as the platform LetsBonk.fun. This is also the reason why the market identified him as Dragon II in the market. After the first wave reached a market value of $500,000, DumpFun, which was in the limelight, once returned to the market value of $100,000. As DumpFun's K-line continues to weaken, and more and more KOLs, project parties, and community OGs shouted "LetsBonk", the market's attention returned to $LETSBONK, opening low and closing high, soaring to a market value of US$30 million within 6 hours. This is also the first "100-fold coin" that LetsBONK.fun has made after its issuance. By press time, it has now been pulled back to a market value of US$10 million.

HOSICO

Hosico was originally a cute cat with 1.8 million followers on Instagram. Hosico released on BONK is the Ghibli AI-style Hosico. It raided after 4 a.m. and rose to a market value of US$10 million within an hour. It was not affected by the rise and fall of other tokens and has made an independent market trend among the tokens on the BONK platform, reaching a market value of US$23 million, and is now at 10 million.

NOM

NOM is the founder of OG community MonkeDAO and fitness application MoonWalk, and is also one of the core members/initiators of BONK. The community's evaluation of it is generally positive. After experiencing a roller coaster of as high as $5 million to $900,000,000,000,000, NOM himself posted a tweet thanking the $NOM participants and said that when considering the future application of this token, the token price immediately soared to $3.5 million, and now the offer is back to $1.5 million. Like LetsBONK, it also has a "community slogan" - "Trust in Nom".

PumpFun Against the World

As of only one and a half years in April, Pumpfun has continued to sell 3.403 million Sols so far, becoming the second largest seller outside Solana's former support agency FTX/Alameda. Before the emergence of Pump AMM, it only troubled the Solana Foundation and retail investors. After establishing its own DEX, its ambition to monopolize the upstream and downstream is undoubtedly revealed. DEX began to get nervous, and at this point "the world's suffering has been PumpFun for a long time" penetrated into all aspects of the ecology.

Even so, dozens of projects including Jupiter, Raydium, Meteora, Virtuals, etc., launched LaunchPads and played one after another, but all responded mediocrely. Faced with so many business rivals, PumpFun's terrifying market share and frequency of shipment of Sol on LaunchPad are full of the kind of "you see, I'm not happy but can't get rid of me."

Meteora once did something similar to Raydium now, which was to propose the SDK strategy and attempt to slowly erode PumpFun's market share with people-season tactics, but it was unsuccessful and the results were not significant. Raydium obviously understands Degen's heart better. As a "good partner" of PumpFun, after Pumpfun chose not to launch graduate tokens on Raydium in February, Raydium lost a large part of its transaction fee income.

Two months later, they prepared quite well. They first sent cook.meme to test the market. After "Cook" two MemeCoin with a market value of tens of millions of dollars, "Time and Symmetra" lost their subsequent market momentum, and then settled for a while, and once again ignited the market through LetsBONK. Coincidentally, the first one on the promotional picture of cook.meme was launched was BONK's avatar.

Promotional pictures online for cook.meme

Nowadays, Raydium's LaunchLab has integrated 6 platforms and has started trading reward tasks to motivate users to trade directly on Raydium. LaunchLab has also shown initial results in trading volume, but how it develops in the future still needs to be tracked and observed.

Now the LaunchPad and DEX markets have formed a multi-legged trend, and everyone wants to compete for this attractive cake. Raydium seems to have planned to confront Pumpfun's "single-brand" monopoly model through the "multi-brand" wheel battle, but the result is still unknown. I just hope that more retail investors can benefit from this war and let liquidity return to the market. But under the current market conditions, we hope that all readers should also manage their funds when looking for opportunities in the market.