The "Meme Launchpad Battle" between pump.fun and Letsbonk.fun has been going on for a month now, starting from early July. During this time, we have witnessed pump.fun completing one of the largest ICOs in cryptocurrency history, observed Letsbonk.fun launching an attack on pump.fun's market share and successfully exerting pressure. Throughout this period, some "new characters" have also joined the fray, although they have not caused much of a stir in the short term, they are still worth our attention and understanding.

Let's start with this Jupiter data graph.

While Letsbonk.fun still holds the top spot in market share over the past 7 days, its ecosystem's hotspots are currently moving in a completely different direction compared to pump.fun.

pump.fun: PVE Market Trend Return?

On July 24, after the live interview with threadguy, pump.fun and its founder @a1lon9 entered a nearly two-week silence. Half a month ago, many considered this live interview a "PR disaster" as it significantly impacted the token price. During the live stream, $PUMP saw a drop of nearly 15%, with a daily decline of close to 20%, briefly falling below a $30 billion market cap.

(Related read: A Live Stream That Completely Ruined pump.fun)

From the end of this livestream to now, the gap between pump.fun and Letsbonk.fun in market share has not significantly narrowed. However, from July 30 until now, pump.fun's reputation has undergone a noticeable reversal.

The reason is simple—community coins within pump.fun's ecosystem have surprisingly performed well during this volatile market period.

In the image posted by pump.fun's official account on July 23, the meme coins within the pump.fun ecosystem are seen as a "curated selection" by many. Among these coins, $TROLL has been the most impressive, rising by 9x since July 25, surpassing a $1 billion market cap. Within the same timeframe, $Tokabu saw a peak increase of about 5x, reaching a market cap of over $35 million. $USDUC doubled at its peak, nearing a $40 million market cap. $CHILLHOUSE and $neet also experienced similar gains to $USDUC, with market caps briefly approaching $30 million and $18 million, respectively.

Among the relatively newer projects, all have been on an uptrend since July 25, except for "Anchorman Coin" and "old coins" like $FWOG and $michi, which already had a significant market cap and have been in existence for over 300 days, that did not quite follow this market trend.

So, do these "new coins" have any good news? It seems not, because the activities of pump.fun and Alon remained silent until the day before yesterday. From a narrative perspective, these "new coins" have maintained a high level of content output and community activity even during the lowest point of pump.fun, at least during this period, which aligns well with pump.fun's expectation for meme coins to have long-term sustainable development.

As for the official "counterattack" from pump.fun, it was not until the day before yesterday that we learned about their first step — the $PUMP buyback data dashboard.

"Over the past 6 days, we have repurchased approximately 8740 $PUMP worth of SOL, which is 102% of our income during this time."

Then, early this morning, the pump.fun official Twitter account updated the cover image, once again promoting the "officially selected" meme coins:

Interestingly, after the live broadcast on July 24, almost all the meme coins purchased by the pump.fun founder were in a loss-making position. However, by now, his holdings have all turned profitable, and by no small margin:

For the meme coin market to recover, the first step is to "put the clothes back on," which means to regain players' confidence in meme coins. Believing that meme coins are not just about "conspiracy," but also about good narratives, good content, a strong community, and sustained operation, can ultimately help a meme coin succeed. Although it is necessary to continue observing the performance of these coins on pump.fun, it can currently be said that if this momentum can be maintained, it is a good start.

Next, pump.fun still holds many cards, such as airdrops and live broadcasts. This is the long road after the first step. In a situation where major exchanges like Binance and OKX have almost stopped listing new Solana meme coins, pump.fun must explore more possibilities.

The revolution has not yet succeeded; comrades still need to strive.

Letsbonk.fun: Home of the New Coin That Experienced a Short-term Bottleneck

Over the past 7 days, Letsbonk.fun's market share still exceeds 50%, maintaining its top position. The resurgence in pump.fun's volume is mainly due to the excellent performance of "newbie coins," which did not spark much discussion about "new coins."

Recent "hot topic pumps," such as $Ani, have all taken place on Letsbonk.fun. The successful path that pump.fun has followed in the past is now dominated by Letsbonk.fun.

In contrast, the "big targets" on Letsbonk.fun have recently experienced a pullback. $USELESS has retraced from its peak of a $400 million market cap to around $200 million, $memecoin retraced from nearly a $60 million market cap to around $11 million, $Bluechip retraced from a peak of $17 million market cap to $1.5 million, and $Ani retraced from a peak of $86 million market cap to around $30 million.

$$BONK and $$GP have also dropped by 36% and 63% from their highs, respectively.

Although the performance of related assets has been poor, Letsbonk.fun's buyback and support for its meme coin ecosystem have not ceased. Rather than saying the war between Letsbonk.fun and pump.fun is still ongoing, it is more accurate to say that both are making efforts in their own ways. Only when the overall confidence in the meme coin market is restored will both have a better future.

Peace and love, looking forward to Letsbonk.fun's future performance.

Bags and Moonit: Old Platform, New Moves

Bags used to be a social trading app and launched a token launchpad feature on May 22. Moonit is the platform for Helio, launched at the end of April this year.

Recently, Bags has attracted attention for its "donation narrative." $CANCER donates 100% of its trading fee revenue to one of the world's most well-known and influential breast cancer charities, Susan G. Komen. It has donated $35,000 to the organization and has also transferred around 2.2% of $CANCER to the organization.

As the coins launched on Bags can directly designate the creator's transaction fee income to a specific Twitter account, another token that has attracted attention, $WINRAR, has assigned its token revenue directly to the official Twitter account of the widely used file compression application WinRAR. This drew a response from WinRAR's official Twitter account.

However, both of these tokens ended abruptly like a passing fad and are currently in a state of almost complete decline. As for the flagship of the Bags platform, after looking around, it is challenging to say whether this platform currently has a flagship...

Moonit's lineup is much more extensive. They have launched an AI protocol created in collaboration with 9GAG, Memeland, Helio Pay, MoonPay, and Dexscreener, which can automatically tokenize internet culture and viral memes.

In simple terms, this protocol uses AI to identify popular memes on 9GAG and then automatically airdrops tokens, akin to "automatically launching trending memes on 9GAG." This mainly bridges the gap with 9GAG. If a platform can connect with social media such as TikTok, Instagram, Twitter, I believe it could also do something similar.

For this model to succeed, there are several challenges to overcome. The primary concern is that "technology does not equal liquidity." There are too many developers on the chain, so if there is a viral meme, everyone will rush to release it. Therefore, whether the issued coins can gather consensus and whether players will consider the platform's liquidity are still issues to be addressed.

The second issue is long-term development. If the community from 9GAG can be brought into the token, it would be more appealing. However, as seen in the image above, the 4th step is CTO... If even your carefully selected 9GAG meme requires a CTO, it may indicate to some extent that the community foundation is weak, and this potential advantage is not fully utilized.

Moonit's new feature has not yet taken the lead.

With more and more platforms emerging, it seems that the problems to be solved are not decreasing.

Conclusion

The Meme Coin Battlefield is expected to continue in the foreseeable future. The tremendous success achieved by Pump.Fun over the past year has everyone eager to "get in on the action." However, we all face a common and serious question—how can we rekindle the market's interest and confidence in meme coins?

At a time when centralized exchanges seem less enthusiastic about listing new meme coins, can the blockchain provide better infrastructure and liquidity to restore meme coins to their former glory?

Rather than a "battle," it is more of a collective challenge faced by all meme coin launchpads. After all, the cautionary tale of Inscription is right before our eyes—the tools for inscription are becoming more sophisticated, but the frenzy of inscription is long gone.

The ultimate beneficiaries hopefully will be the entire meme coin market and all crypto players who still love meme coins.

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