In the context of the overall downturn in the Meme coin market, which has even been jokingly referred to as the "death spiral," the native token PUMP of the Solana ecosystem's Meme coin launch platform Pump.fun has staged a remarkable turnaround. In the market share battle against its competitor Letsbonk.fun, PUMP not only successfully counterattacked, with its market share rebounding to about 75%, but the Meme coins within its ecosystem also performed impressively against the trend. Pump.fun co-founder Alon Cohen boldly stated, "I feel that we will soon return to the pump.fun 'trench' craze in the fourth quarter of 2024, but this time the increase will be even higher." Is this a "flash in the pan" for the Meme coin market, or is PUMP about to lead a new round of Meme coin frenzy with its unique ecological model?
- The "Death Spiral" of the Meme Coin Market: PUMP Breaks Through Against the Trend
Since the frenzy at the beginning of this year, the Meme coin market has overall fallen into a slump, with trading volume and token creation significantly declining, and the wealth effect weakening. However, Pump.fun has shown strong resilience in adversity.
Market Share Reversal: Over the past few months, Pump.fun and Letsbonk.fun have engaged in a fierce "meme launchpad battle." Although Letsbonk.fun once captured nearly 70% of the market share through airdrop incentives and instant listing services, Pump.fun made a strong comeback in early August. According to the latest data, its market share has rebounded to about 75%, reclaiming its leading position.
Ecological Coins Rise Against the Trend: During the unstable market period, the community coins within the Pump.fun ecosystem performed well. Among the "officially selected" Meme coins released by Pump.fun's official Twitter, $TROLL has risen up to 9 times since July 25, with a market cap exceeding $100 million; $Tokabu has risen by about 5 times; and $USDUC, CHILLHOUSE, and $neet have also seen considerable increases.
Founder's Confidence: Pump.fun co-founder Alon Cohen tweeted on X platform, "I feel that we will soon return to the pump.fun 'trench' craze in the fourth quarter of 2024, but this time the increase will be even higher." Crypto KOL Ansem also believes that the trench needs a new Meme coin issuance, which must break through a market cap of $500 million within 48 to 72 hours post-issuance to fully attract enthusiastic speculators back.
- The Secret of PUMP's Comeback: Community Vitality and Official "Counterattack"
The rise of Pump.fun against the trend is not coincidental; it is backed by high content output from the community, community vitality, and the official's active "counterattack."
Community Driven: Even during the lowest point for Pump.fun, the "new coins" within its ecosystem maintained high content output and community vitality, aligning with Pump.fun's expectation for the long-term sustainable development of Meme coins.
Official Buyback: The Pump.fun official has launched a $PUMP buyback plan. According to the data dashboard, "In the past 6 days, we have repurchased about $PUMP worth approximately 8740 SOL, which is 102% of our income during this period." This buyback behavior, regardless of its purpose, has provided support for PUMP's price.
Founder's Holdings Turn Profitable: Interestingly, after the live broadcast on July 24, which was considered a "public relations disaster," the Meme coins bought by Pump.fun's founder were almost all in a loss state. However, now, his holdings have all turned profitable, and the extent is not small.
- The Meme Coin Launchpad Battle: A Dual Oligopoly Pattern and Future Challenges
The "meme launchpad battle" between Pump.fun and Letsbonk.fun continues and has evolved into a dual oligopoly pattern.
Different Business Models: Pump.fun adopts a traditional bond curve model, which is more suitable for project parties willing to gradually accumulate value in the market. In contrast, Letsbonk.fun focuses on instant listing services and charges a 1% trading swap fee on the AMM platform, attracting issuers seeking immediate exposure and high liquidity.
Competition and Bottlenecks: Although Pump.fun's volume has warmed up, the "big targets" on Letsbonk.fun have recently fallen into a correction, indicating that the new coin home is temporarily facing bottlenecks.
New Entrants: New platforms like Bags and Moonit have also joined the fray. Bags has launched a "donation narrative," while Moonit has introduced an AI protocol co-created with 9GAG and Memeland, which can automatically tokenize internet culture and viral memes. However, these new models still face issues such as "technology does not equal liquidity" and "sustainable development."
Conclusion:
Against the backdrop of the overall downturn in the Meme coin market, PUMP's rise against the trend, along with co-founder Alon Cohen's optimistic outlook, brings new hope to the market. With its unique ecological model, community vitality, and official buyback, Pump.fun has successfully reclaimed its leading position in the competition with Letsbonk.fun. However, the Meme coin launchpad battle continues, and all platforms face the severe challenge of how to restore market interest and confidence in Meme coins. Whether PUMP's comeback can be sustained and whether the Meme coin market can regain its greatness will be important focal points in the crypto market for the foreseeable future.
Related Reading: New Opportunities for the Meme Coin Ecosystem: Community Activity and Diverse Applications Drive Industry Innovation
Original: “PUMP Surges Against the Trend! Founder Boldly Claims: Will the Meme Coin 'Trench Craze' Return?”
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