Data is bleak, the official Twitter account is "playing dead", and there is widespread criticism of PumpFun, but I believe it might be the ultimate winner.

Author: miya

Compiled by: Felix, PANews

First of all, this article is not aimed at the attack on LetsBonk, as the Bonk team led by Tom has performed exceptionally well in gaining market share in the Memecoin space, to the extent that PumpFun does not warrant a counterattack. LetsBonk has already won the memecoin battle and will continue to dominate in this field.

PumpFun is winning. Your first reaction might be to think the author is an idiot. First, take a look at some data that reflects a situation exactly opposite to PumpFun's victory.

LetsBonk has not only captured a certain share in daily token deployment but has also become the "leader" in the field of token deployment.

Let'sBonk is currently leading in token deployment by about 3.7 times. It has gained a market share of 65.1% in just one month. The number of graduation projects from Let'sBonk is approximately 7.8 times that of PumpFun. The number of tokens issued per graduation project by PumpFun is also much higher than that of Let'sBonk, making Let'sBonk a more profitable trading platform.

All the indicators and charts seem to show differences. So why is PumpFun winning? Let's understand from a more macro perspective why PumpFun's strategy has been executed so perfectly so far.

PumpFun's revenue fell from $7.07 million to $469,000, a decrease of $6.601 million, with peak revenue in 24 hours dropping by 93.4%.

Memecoins are dying. They have been continuously declining since February 2025. Not only has PumpFun's daily revenue dropped by 93.4%, but Let'sBonk's overall market size is also shrinking.

Although the trading volume share may be as follows:

But the actual market size of the competition between these two companies is as follows:

The chart does not take into account the significant increase in robot activity, and the decline in actual user numbers is even more pronounced.

Since the emergence of celebrity coins, the risk appetite for Solana's Memecoins has been continuously declining. Large-scale sell-off events like "MELANIA" and "LIBRA" have accelerated this trend.

Retail investors' risk appetite

It can be said with certainty that Memecoin trading has changed dramatically. To analyze in detail why it is actually worse than it appears on the surface, you can refer to the previously published series of articles.

The memecoin super cycle has entered its final phase.

For companies that expect to survive in the long term, Memecoin is not an ideal investment choice. Memecoin trading has evolved into a high-risk place that not only resembles a regular casino but also devalues your money.

"Oh, but they are already addicted, so let's extract more funds from the traders."

Even the dumbest gamblers have abandoned Memecoin because they know they will ultimately incur losses. Savvy market participants have developed very advanced tools and possess such a well-established information flow (FNF, insider coins) that ordinary market participants will be left further behind in the future. This situation is irretrievable; the insider advantage will gradually increase, and the capital accessible to ordinary traders will gradually decrease.

So, why will PumpFun still win?

Let me ask you this question: If you were Alon (CEO of PumpFun), what would you do?

Option 1) Buy back $PUMP with your strong capital reserves.

Well, let's assume he now brings out $200 million in funds and gradually buys PUMP over the next 31 days, using the generated fees for a 100% buyback. Is everything resolved now? No, not at all. Memecoin is still on a downward trend. PumpFun still carries the heavy brand image of a "Memecoin launch platform." Buying back PUMP won't restore risk appetite to previous highs, nor will it provide the "investors" with the liquidity they need. In the short term, it might boost market sentiment a bit, but it still won't revive Memecoin. This is a huge cash injection in a declining market, which cannot be sustained in the long term.

Option 2) Airdrop $PUMP to users and create new liquidity.

Similarly, the only effect of doing this is to inject funds into a shrinking market and a continuously declining market share. PumpFun may risk giving away some money that they will never be able to recover, and even worse, this capital could flow into the hands of competitors.

Alon has executed the established strategy almost perfectly so far.

PumpFun must develop, but spending money on a dead horse like Memecoin is pointless.

Let's take a look at the current situation.

Let'sBonk has invested most of its costs into BONK and GP, and does not have a large reserve of funds. Insiders hold a significant share in projects like BONK and USELESS, which is how they make money by cashing out through launch pads. No matter what happens next, they may be able to attract attention, but they are financially strapped.

PumpFun may be losing this Memecoin battle, but the market's expectations for the future of this field are so low that winning this war is actually worse than losing.

The crypto researcher rasmr expressed some views on how PumpFun should develop, one key point being to build a $200 million project on PumpFun (like ChillHouse). This is actually a completely unnecessary investment, further confirming that PumpFun is competing for an ever-shrinking market. PumpFun may have already given up on the idea of making Memecoin great again; otherwise, they wouldn't go a week without tweeting and wouldn't have given up competing with Let'sBonk.

Although individuals may not understand the specific internal situation of PumpFun, it is clear what Solana Labs is preparing: ICM. During the upcoming bear market cycle, utility will return to its chains.

No matter what happens next, PumpFun is fully prepared financially to stay ahead of any other participants.

Although I find it ridiculous that Alon would give up on the idea of PumpFun.

PumpFun has such a mature brand, excellent resources and connections within Solana, and a clear company structure. You wouldn't just give up a well-functioning company because you've cashed out a certain amount, nobody would do that. This idea is so untenable in terms of business development, it is merely propagated by those degenerate gamblers who are used to cash-out events. While Alon may not reinvest all profits back into the business, during the upcoming bear market cycle, Alon will attempt to successfully conquer the next Solana market.

In the upcoming bear market, $PUMP may be one of the cryptocurrencies worth holding long-term. If you believe that this cycle can last for another year, buying at the current price is also a good investment choice. The author holds PUMP spot as a hedge, in case the judgment that this cycle is about to end is wrong. Moreover, they personally believe that there is almost no other highly liquid altcoin that is more suitable for this kind of bet than it.

Related reading: "Is the 'Green Pill' coming to an end? Airdrop delays intensify PUMP price drop, three post-00s have amassed over $700 million.