A Disclaimer: This Isn’t a Hit Piece on LetsBonk
First things first: nothing here is meant as an attack on LetsBonk. Led by Tom, the Bonk team has executed brilliantly and captured the lion’s share of the memecoin-launch market. They have convincingly won the current memecoin war and will probably keep that crown for a while.

So Why Claim “PumpFun Is Winning”?
Your first instinct is to call the author an idiot. Fair. Look at the dashboards: every metric seems to scream the opposite.

LetsBonk Has Become the Undisputed Leader in Daily Launches

• Token launches: LetsBonk now outpaces PumpFun by roughly 3.7×.

• Market share: in just one month it has climbed to 65.1 %.

• “Graduation” count: LetsBonk graduates about 7.8× more tokens than PumpFun.
  Graduation volume per token is higher on PumpFun, but LetsBonk’s higher throughput makes it the more lucrative venue for traders.

Charts and numbers all tell the same story: LetsBonk is crushing it. So how on earth can anyone say PumpFun is winning?

Zoom Out: Memecoins Themselves Are Dying
PumpFun’s daily revenue has collapsed from $7.07 million to $469 k—down $6.6 million, a 93.4 % fall in 24-hour peak fees. LetsBonk’s total addressable market is shrinking too.

When you overlay trading-volume share against actual market size, the pie is evaporating. Bot traffic is up, but real users are vanishing.

Since celebrity coins like MELANIA and LIBRA rug-pulled, Solana’s memecoin risk appetite has only fallen further. The super-cycle is over. Even the dopamine-addicted degens have figured out the house edge is now too steep; insiders armed with FNF feeds and pre-launch wallets extract every last drop. The average trader is simply cannon fodder.

What Would You Do If You Were Alon (PumpFun’s CEO)?
Option 1: Deploy the war-chest to buy back $PUMP.
Imagine he earmarks $200 million and uses 100 % of future fees for buybacks. Great—until you realize memecoins are still in structural decline. A buyback can’t restore risk appetite or create the deep liquidity traders crave. It’s a massive cash burn in a dying vertical.

Option 2: Airdrop $PUMP to users.
Same problem: you’re injecting capital into a shrinking pool. Worse, the tokens can leak straight to competitors.
Alon has done neither, and that is exactly why his strategy is textbook.

The Quiet Brilliance of Doing Nothing
LetsBonk is plowing most of its fees back into BONK and GP, leaving little cash on hand. Insiders are already overweight BONK, USELESS, et al.—their exit liquidity is the launchpad itself.

PumpFun may be “losing” the memecoin game, but expectations for the sector are now so low that winning would actually be costlier than losing. Crypto analyst rasmr recently argued PumpFun should seed a $200 million project like ChillHouse. That’s a subsidy for a melting iceberg. The fact that PumpFun hasn’t tweeted in a week—and seems to have ceded the fight—hints they’ve already written off “Make Memecoins Great Again.”

What Comes Next: The Solana Labs Playbook
No inside sources here, but Solana Labs is openly prepping ICM (Infrastructure for Creative Markets). In the coming bear, utility will migrate back to the base chain. PumpFun has the brand, the network, and—crucially—the balance sheet to pivot faster than anyone else.

A Thought-Experiment on Abandoning Ship
The idea that Alon will simply walk away is laughable. You don’t shutter a cash-flowing, well-oiled machine just because you’ve taken some money off the table. That’s degen exit-liquidity thinking, not business strategy. Some proceeds may sit in stables, but the rest will finance whatever becomes the next Solana frontier.

Bottom Line
If this cycle has another year left, $PUMP at current prices is probably one of the best liquid alt-coin hedges you can own. The author holds a spot bag precisely because losing the memecoin war might be the smartest long-term move PumpFun ever made.

A Disclaimer: This Isn’t a Hit Piece on LetsBonk
First things first: nothing here is meant as an attack on LetsBonk. Led by Tom, the Bonk team has executed brilliantly and captured the lion’s share of the memecoin-launch market. They have convincingly won the current memecoin war and will probably keep that crown for a while.

So Why Claim “PumpFun Is Winning”?
Your first instinct is to call the author an idiot. Fair. Look at the dashboards: every metric seems to scream the opposite.

LetsBonk Has Become the Undisputed Leader in Daily Launches

• Token launches: LetsBonk now outpaces PumpFun by roughly 3.7×.

• Market share: in just one month it has climbed to 65.1 %.

• “Graduation” count: LetsBonk graduates about 7.8× more tokens than PumpFun.
  Graduation volume per token is higher on PumpFun, but LetsBonk’s higher throughput makes it the more lucrative venue for traders.

Charts and numbers all tell the same story: LetsBonk is crushing it. So how on earth can anyone say PumpFun is winning?

Zoom Out: Memecoins Themselves Are Dying
PumpFun’s daily revenue has collapsed from $7.07 million to $469 k—down $6.6 million, a 93.4 % fall in 24-hour peak fees. LetsBonk’s total addressable market is shrinking too.

When you overlay trading-volume share against actual market size, the pie is evaporating. Bot traffic is up, but real users are vanishing.

Since celebrity coins like MELANIA and LIBRA rug-pulled, Solana’s memecoin risk appetite has only fallen further. The super-cycle is over. Even the dopamine-addicted degens have figured out the house edge is now too steep; insiders armed with FNF feeds and pre-launch wallets extract every last drop. The average trader is simply cannon fodder.

What Would You Do If You Were Alon (PumpFun’s CEO)?
Option 1: Deploy the war-chest to buy back $PUMP.
Imagine he earmarks $200 million and uses 100 % of future fees for buybacks. Great—until you realize memecoins are still in structural decline. A buyback can’t restore risk appetite or create the deep liquidity traders crave. It’s a massive cash burn in a dying vertical.

Option 2: Airdrop $PUMP to users.
Same problem: you’re injecting capital into a shrinking pool. Worse, the tokens can leak straight to competitors.
Alon has done neither, and that is exactly why his strategy is textbook.

The Quiet Brilliance of Doing Nothing
LetsBonk is plowing most of its fees back into BONK and GP, leaving little cash on hand. Insiders are already overweight BONK, USELESS, et al.—their exit liquidity is the launchpad itself.

PumpFun may be “losing” the memecoin game, but expectations for the sector are now so low that winning would actually be costlier than losing. Crypto analyst rasmr recently argued PumpFun should seed a $200 million project like ChillHouse. That’s a subsidy for a melting iceberg. The fact that PumpFun hasn’t tweeted in a week—and seems to have ceded the fight—hints they’ve already written off “Make Memecoins Great Again.”

What Comes Next: The Solana Labs Playbook
No inside sources here, but Solana Labs is openly prepping ICM (Infrastructure for Creative Markets). In the coming bear, utility will migrate back to the base chain. PumpFun has the brand, the network, and—crucially—the balance sheet to pivot faster than anyone else.

A Thought-Experiment on Abandoning Ship
The idea that Alon will simply walk away is laughable. You don’t shutter a cash-flowing, well-oiled machine just because you’ve taken some money off the table. That’s degen exit-liquidity thinking, not business strategy. Some proceeds may sit in stables, but the rest will finance whatever becomes the next Solana frontier.

Bottom Line
If this cycle has another year left, $PUMP at current prices is probably one of the best liquid alt-coin hedges you can own. The author holds a spot bag precisely because losing the memecoin war might be the smartest long-term move PumpFun ever made.