Pump.fun's dominance is impacted by new platforms, MEME Coin Glonk traffic war begins, and the founder comes to help

Author: Nancy, PANews

On May 14, a striking showdown was staged in the MEME market, with MEME coin named Glonk being launched on two major Launchpad platforms, Pump.fun and Letsbonk.fun. Although the phenomenon of issuing tokens on different platforms by the same IP is not new, the special thing about this incident is that the founders of the two platforms personally came to the stage to build momentum for their respective Glonk versions.

This traffic battle not only quickly ignited market enthusiasm, but also revealed the increasingly fierce competition among MEME issuing platforms, and the entire ecological pattern is undergoing profound changes.

Glonk stirs up the platform war, and the founder personally comes to help

Early this morning, a MEME coin $Glonk, which originated from the absurd and humorous culture of the United Kingdom, suddenly triggered a market boom. Its prototype is Glonk, a fictional character in the graphic book series "Flanimals" created by the famous British comedian Ricky Gervais, a green reptile who has won the resonance of a large number of readers for his "sad but funny" ambivalent temperament and is nicknamed the emotionally stable waste. Glonk has also been given the subcultural label of "lying flat" and "nihilism", which is in line with the current young people's attitude towards slandering, giving it a strong potential for meme transmission.

Meanwhile, as a heavyweight in the British comedy industry with tens of millions of fans, Ricky Gervais provides a natural focus and communication foundation for $Glonk.

 Pump.fun co-founder Alon and Letsbonk.fun founder Tom

Glonk was initially launched on the Letsbonk.fun platform and quickly accumulated popularity. Pump.fun later launched a competitive version, and the competition between platforms quickly heated up. The founders of both sides personally posted a post to support their own platform Glonk, which pushed the competition to a climax and evolved into a high-hot platform confrontation in the Solana ecosystem. The community also regarded the battle as a "flag of resistance" against Pump.fun, which further stimulated Glonk's topicality and community participation.

What’s more dramatic is that the Solana ecological project Raydium also openly spoke out and supported the Letsbonk.fun platform. You should know that Raydium and Pump.fun were once allies, which once contributed nearly half of the transaction volume and platform revenue to it. Raydium itself is also promoting its own token issuance platform LaunchLab. Now it suddenly turns against each other, which undoubtedly makes this competition even more interesting. There is another small episode that the official X account of Pump.Fun was blocked by the founder of Letsbonk.Fun and Raydium developers a few days ago, and it has now been lifted.

According to GMGN data, as of press time, the market value of Glonk of Letsbonk.fun version has exceeded US$18 million and has now fallen back to about US$3.7 million, with a 24-hour transaction volume exceeding US$86.3 million, temporarily leading the way; while the market value of Pump.fun version of $Glonk has dropped rapidly from a maximum of US$15 million to currently about US$1.5 million, with a 24-hour transaction volume of US$55.7 million. The market has made a move towards this showdown with real money.

It can be said that this contest around Glonk is an amplifier of community sentiment and a re-game about the right to speak.

Pump.fun's dominance is being challenged, and new forces are accelerating

their rise

The role of the Launchpad platform has evolved from a single token issuing tool to a battlefield for traffic entrances and brand competition. Recently, as emerging platforms such as Letsbonk.fun, Believe and LaunchLab have become popular quickly, market competition is becoming increasingly fierce. In addition to the weakening of the market share of the leader Pump.fun, including Boop.fun, which was popular not long ago, has also gradually stopped, and market discussions have plummeted.

Although Pump.fun still dominates, its dominance is gradually being weakened. From the perspective of graduation rate, taking the Dune data on May 13 as an example, Pump.fun launched a total of 19,523 tokens that day, with a graduation rate of only 0.7%; in comparison, LaunchLab launched 8,218 tokens, with a graduation rate of 1.22%; Letsbonk.fun launched 7,287 tokens, with a graduation rate of as high as 1.7%. This shows that users' interest and recognition of emerging platforms are increasing.

Judging from the market share of daily token deployment, Pump.fun's share has dropped from more than 95% long-term maintained to 57.5% on May 13; during the same period, Letsbonk.fun reached 17.9%, Believe was 12.9%, and LaunchLab also reached 5%, indicating that the market structure is rapidly diverging.

What is more worth noting is that many MEME tokens that have been popular recently, such as $LAUNCHCOIN, $GOONC, $DUPE, $Hosico, $USELESS, $IKUN, etc., were mainly born in Letsbonk.fun and Believe. In particular, Believe ecological tokens have generally risen, and the platform coin LAUNCHCOIN once exceeded US$280 million. In contrast, Pump.fun's project performed poorly during the same period and lacked new explosive points.

These changes show that the Launchpad market is rapidly diversifying, and competitors are gradually eroding Pump.fun's leading edge. Faced with competitive pressure, Pump.fun recently tried to enhance the platform's attractiveness by introducing a creator income sharing mechanism, and return 50% of the transaction fee to token creators. However, the move has caused controversy in the community and is believed to have exacerbated developers' Rug risks, and the remaining 50% of the revenue remains in the hands of the platform, failing to truly benefit users. Competitive platforms have also increased their investment in incentive mechanisms. For example, Letsbonk.fun announced on May 13 that it will provide a total of USDC rewards to projects with excellent performance in the next week, further enhancing the platform's attractiveness.

Overall, the Launchpad market is entering a new stage of more diversified and fierce competition. The competition among platforms is no longer limited to who can issue coins, but also related to the comprehensive competition between traffic acquisition, brand building and user experience. This is also the key to becoming a new round of "hot-making manufacturing machines".