The Meme Coin Launchpad Market on the Solana Blockchain undergoes a big change in May 2025. Newcomers such as Letsbonk, Beloven and Launchlab threaten pump. Fun’s dominance.
With Pump.Fun’s market share falls from more than 98% to only 57.5%, new platforms such as Letsbonk and believe they get a grip. Is the dominance of Pump.Fun in the sector ending?
More than 200,000 Solana Daily Transaction addresses
The competition between Meme Coin Launchpads is the heating of the market and stimulating community participation. According to data from Dune Analytics, more than 200,000 Solana daily transactions on Meme Coin Launchpad platforms, which reflect the dynamics of the ecosystem.
Number of Solana addresses transactions on Launch pads from Meme Coin. Source: Duin
The increase in commercial activity coincides with the explosion of new meme coin launch pads. In addition to Pump.Fun, the market now offers additional options such as Launchlab, Auto.Fun, and more recent, Letsbonk and believing.
The rise of these platforms quickly caught the attention of the community through impressive projects. Launchcoin on faith, for example, has achieved market capitalization of more than $ 200 million.
Tokens such as Goonc and Dupe on Letsbonk also registered daily trade volumes that reached millions of USD. This shows that new platforms compete for market share and considerable opportunities for the profit of investors.
Pump.Fun’s market share is falling
For a long time, Pump.fun held a dominant position in the Launchpad space of Solana Meme Coin, with a market share that is once more than 98%. According to Lookonchain, however, the daily token market share of Pump.Fun has fallen sharply to 57.5%.
Data from Dune Analytics, shown in the “Daily Tokens Implemented Market Share” graph, emphasizes the rise of new competitors. Letsbonk owns 17.9%of the market share, believes 12.9%and Launchlab Records 5%. This decline is the first time Pump.Fun has to do with real competition.
Market share of Meme Coin Launchpad -Platforms. Source: Lookonchain
The graph of Dune Analytics clearly illustrates this shift. Platforms such as Letsbonk and Faith started to get a grip from the beginning of 2025, especially from March, when the Meme Coin market became more active.
The rising market share of newcomers reflects the intensifying competition and indicates that users are looking for new options, possibly because Pump.fun no longer meets the requirements for innovation and efficiency.
“I don’t really have a strong opinion about how this takes place, but competition must be good for users,” said X user Ansem.
The hottest meme coins shift to Letsbonk and Faith
One of the main reasons for pump. Fun’s falling dominance could be the migration of “hot” meme coins to other platforms. According to data from Dune Analytics, recent prominent meme coins such as Launchcoin, Goonc, Dupe and Hosico were launched on Letsbonk or Believe instead of Pomp.Fun.
Faith in particular has been brought a remarkable growth. In the past month, the total market capitalization of tokens on the $ 1.5 million platform rose to more than $ 200 million.
Believe Tokens Marketcap. Source: Klaus
This shift indicates that Meme Coin developers are looking for new platforms to attract attention and to use better stimulation mechanisms. For example, faith has aroused a lot of interest through his socialfi model and the rebranding from Pasternak to Launchcoin.
In the meantime, with its high token, Letsbonk distinguishes itself “graduation”, an important metric that reflects the ability of a token to meet criteria for action on large fairs.
Token “graduate” rate: Letsbonk excels, pump. Fun still leads in volume
The token “graduation” is a critical statistics for evaluating the effectiveness of memcoin launching places. In the last 24 hours, Pump.Fun 204 registered “Graduating” tokens, which led in volume. Letsbonk, however, was close to 92 tokens, which surpasses Launchlab (2 tokens) and Bop (12 tokens) a lot.
Daily graduation on Solana Meme Coin Launchpads. Source: Duin
The high graduation percentage of Letsbonk indicates that the Platform is on quality meme currents that are able to meet criteria for broader trade. While Pump.Fun is still leading in volume, the falling market share suggests that it loses a profession from new developers. This can be due to competitors who offer lower costs or better stimulation mechanisms.
This competition can considerably benefit the Solana Ecosystem in the long term, because platforms must improve the quality to meet the requirements of users. However, investors must remain careful with the price volatility risks in connection with meme coins, especially since new tokens are often susceptible to price manipulation by means of “pump-and-dump” schedules. A recent study showed that 98% of the tokens on pump. Fun was marked as scams.