Pump.Fun lost its place as Solana’s top Memecoin Launchpad for the first time since the breakout overtaken by the Rookie platform Letsbonk.
At first glance, Solana’s overall network activity suggests that the Memecoin scene is being reconstructed rather than expanded. The launch of total tokens on the network remains stable, with daily transactions heading downwards, with the number of new accounts created about half the peak in April.
However, Bitget’s chief operating officer Vugar Usi Zade suggests that metrics support that Solana may be on the rise again, due to the potential expansion of Memecoin’s activities.
“Since Letsbonk really started taking off, Solana’s network has been lit. While gas usage per transaction has not skyrocketed, the enormous flooding of transactions, especially from token mint and swaps, has seen significant rise in total fees and verification tips,” he said.
Solana’s activities are flatlines, but Dex Revenue is behind Letsbonk
Letsbonk’s Rise on Solana rekindled enthusiasm among Memecoin fans who are coming down from their peak season earlier this year. Retsbonk recorded over 22,000 token mint, earning over 50% of the market share, compared to Pump.Fun’s 8,334.
Despite the surge in Letsbonk, Solana’s total token mint has remained almost flat for the past three months. Pump.Fun’s output continues to drop, suggesting that Memecoin’s revival could be a shift in platform dominance.
Amberdata senior researcher Michael Marshall explained to Cointelgraf why Bonn is moving forward. “Bonk uses half of its cost to buy and burn Bonk tokens, building trust and loyalty,” Marshall said.
“Bonk’s simplicity and low cost also attracts many new users who have avoided the complexity and fraud of Pump.Fun.”
Related: Pump.Fun’s Memecoin Freak Show could lead to criminal charges: Experts
Outside of token launches, Solana’s total transaction count has decreased. However, if you look closely, you will see more complicated drawings. Validator voting transactions have declined, but non-voting transactions (associated with user activities such as Minting and Swapping) are on the rise, mainly driven by Letsbonk’s Memecoin Resurgence.
“(Letsbonk) will be transformed directly into higher transaction volumes of Dexs like Raydium, with a noticeable increase in overall token launches and trading activity. While gas prices remain minimal, overall network traffic and throughput are clearly rising, reflecting the new enthusiasm of the Memecoin space.
Raydium is one of the biggest winners. Dex is currently collecting fees that have not been seen since early 2025’s Memecoin Frenzy. In April, Letsbonk partnered with Raydium to give creators access to Exchange’s liquidity pool and trading bots.
Solana bot activities with Letsbonk and pump.fun
According to Conor Grogan, product head at Coinbase, the bot could be behind the majority of tokens launched at both Pump.fun and Letsbonk.
This suspicion has long spread in the Solana ecosystem, as the high throughput and low fees of the network allow for easy deployment of bots that automate token launches at speeds that humans cannot achieve.
“Top accounts launch one new token every three minutes on average,” Grogan said in X.
Related: Suspicious bots pushing Solana on Ethereum – Research
Grogan also pointed out certain accounts he tracked in January. Initially, the account seemed to be working manually. For several months, we released approximately 12 tokens per hour. Eventually, the activity in the account was replaced by a bot.
In a previous interview with Cointelegraph Magazine, Austin Federa, head of strategy for the Solana Foundation, defended the high use of bot usage on the network. He then left the role and co-founded a new basic layer protocol called DoubleZero.
“The bots just pay the fee,” Federa said. “The questions about bot transactions always really bothers me because no one can define what a bot means. The meaning of a bot is generally of low economic value.”
“But that’s the point of a network like Solana. There are so many things that are not economically viable and economically impossible in today’s Ethereum ecosystem.”
Letsbonk and Memecoins pick up where SolanaNFT left off
Memecoin and non-capacity tokens (NFT) communities often overlap and share an audience of meme characters investors who infer digital culture.
Pump.Fun’s loss of grip on the Memecoin Market is similar to whether Opensie once dominated NFT trading, before Magic Eden and Blur confused the lead.
“Bonk does something similar to pumps. It’s not just launching coins. It’s about launching into a meme-native economy. The BonkBuyand Burn mechanic gives participants stocks in the shared economy,” says Usi Zade.
However, in the case of NFTS, the rise of alternative markets did not necessarily lead to market revival.
Usi Zade said he doesn’t expect the same results here, claiming Solana’s Mecoins “not stagnant.”
“Liquidity hasn’t disappeared. The daily dex volume is still strong. Validator’s tip revenue is rising. And Bonk’s success still has an appetite for a new story.
He added that the mixed chaos surrounding the memocoin industry is cooling from the peak euphoria of early 2025 when Donald Trump-themed US president-themed tokens and bots drove “absurd” engagement metrics. Now it appears that Solana’s meme culture is mature with more structure, coordination and purpose.
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