The Dominance of Pump.fun Is Broken: The Battle for Meme Coin Traffic Begins

#Pump.fun #Memecoin #letsBONK.fun

Everyone is familiar with Pump.fun. In the last wave of the meme frenzy, Pump.fun held an absolute monopoly. But now, that dominance appears to have been disrupted. In the current version of the meme coin scene, more challengers to Pump.fun have emerged, attempting to dethrone it from its launchpad supremacy. Among them, LaunchLab and letsBONK.fun are the two most formidable contenders.

On May 13, on-chain data analyst Adam posted Dune dashboard data on X showing that in the past 24 hours, the number of graduated tokens from Raydium’s token launch platform LaunchLab (including third-party launch platforms built on LaunchLab like letsBONK.fun) reached 198, surpassing Pump.fun’s 171.

Adam commented that this marks the first time in history that Pump.fun has encountered real competition.

On May 14, the MEME market once again staged a “battle of kings,” as the meme coin Glonk launched simultaneously on both Pump.fun and Letsbonk.fun (hereinafter referred to as Bonk.fun).
Although it’s not new for the same IP to launch tokens on different platforms, what makes this event special is that the founders of both platforms stepped in personally to endorse their respective versions of Glonk.

What’s even more unexpected is that, as of yesterday, the $GLONK on Bonk.fun appears to have taken the lead. As of May 14, the Bonk.fun version of $GLONK had surpassed Pump.fun in market cap, creating a one-sided dynamic. In terms of trading volume and liquidity, the Bonk.fun version of $GLONK was also ahead across the board.

This battle for traffic has not only reignited the long-dormant meme ecosystem but has also reshaped its overall landscape.

From Partners to Rivals: The Grudge Between Pump.fun and Raydium
Initially, Pump.fun and Raydium were partners. Pump.fun’s token issuance mechanism was divided into “internal trading” and “external trading” phases. Once a token issued on Pump.fun reached a $69K trading volume, it would enter the external phase, relying heavily on Raydium’s liquidity pools. Raydium charged a 0.25% fee per trade, of which 0.22% went to liquidity providers and 0.03% was used to buy back RAY tokens to support the ecosystem.

However, when Pump.fun launched its own AMM, attempting to break free from its reliance on Raydium, the cooperative relationship between the two changed. With a self-built AMM, Pump.fun could fully control liquidity pool rules and fee distribution, increasing its grip on user flow. This threatened Raydium’s revenue model and ecosystem position.

In response, Raydium officially announced the launch of its token issuance platform LaunchLab on April 16, enabling users to launch tokens quickly and automatically migrate to Raydium’s AMM once liquidity reached a certain threshold. This move was clearly a direct counterattack against the rising Pump.fun.

And so began the feud between the two platforms.

The Face-Off Between Pump.fun and Bonk.fun: Founders Enter the Fray
Let’s take a look at $GLONK, inspired by the fictional character Glonk created by British comedian Ricky Gervais. The character is a green reptile known for its paradoxical traits — “sad yet funny” — symbolizing the subculture themes of “lying flat” and nihilism, beloved by the younger generation.

As a celebrity with tens of millions of followers, Ricky Gervais brings a natural attention magnet and virality to $GLONK through sheer star power.

On May 14, 2025, $GLONK launched simultaneously on two major meme coin platforms — Pump.fun and Bonk.fun — triggering what has been called a “Memecoin Civil War.” This dual launch strategy split both community interest and liquidity between the two platforms, creating a unique market dynamic and volatility window.

Though launching the same IP on different platforms isn’t new, the key distinction this time is that both platform founders personally endorsed their own Glonk versions.

Bonk.fun developer SolportTom (@SolportTom) and Pump.fun’s Alon (@a1lon9) both took to X to rally support for their platforms. Tom posted urging users to support Bonk.fun, and within two minutes, Alon fired back with a similarly structured tweet, “SEND THE OG.”, implying that Pump.fun is the original meme launchpad. The tension was palpable.

In terms of market performance, the Bonk.fun version of $GLONK clearly came out ahead. As of May 15, 2025, it had a market cap of approximately $11.89M, peaking at over $16M, with 24-hour trading volume of $7.85M and liquidity of ~$283K. In contrast, the Pump.fun version of $GLONK had significantly lower figures across all metrics.

At this point, $GLONK is no longer just a meme coin — it has become a symbol of platform rivalry and community culture evolution within the Solana ecosystem. Its success highlights the potential and influence of community-driven projects in today’s crypto landscape.

Comparative Competitiveness of the Three Platforms
Pump.fun
Advantages: First-mover advantage, large user base, strong brand awareness; launched its own AMM to enhance trading capabilities; introduced creator revenue-sharing mechanisms to attract high-quality project teams.
Disadvantages: Breakdown of cooperation with Raydium may reduce liquidity support; faces threats from new competitors that could erode market share.
LaunchLab
Advantages: Backed by Raydium, offers robust technical support and financial resources; provides multiple pricing curves to meet different project needs; allows third-party UIs to set their own fees, enhancing flexibility and innovation.
Disadvantages: As a newcomer, it needs time to build user base and brand recognition; direct competition with Pump.fun may lead to resource dilution.
Bonk.fun
Advantages: Collaborates with the Bonk community, leveraging the meme token $BONK to boost community support; demonstrated strong marketing and community mobilization in the Glonk event.
Disadvantages: As a sub-platform of LaunchLab, it may be limited in functionality and resources; needs to further expand market share and enhance brand influence.
Impact on the Meme Ecosystem
Competition pushes platforms to continually optimize functionality and user experience, driving technical innovation and service upgrades.
Creators and users now have more choices, increasing diversity and vibrancy in the market.
Platform rivalry may also lead to redistribution of resources, shifting the existing market structure.
Conclusion
Healthy competition drives innovation and upgrades, enriching market diversity and energy. However, the breakdown of partnerships and emergence of cutthroat rivalry bring new challenges. In the future, platforms must seek collaboration within competition to jointly foster a healthier meme ecosystem.