Meme Coin Competition: Is Pump.Fun Capable of Sustaining Its Position?

Key Takeaways:

• Pump.Fun experienced a temporary decline in July as LetsBonk.Fun gained popularity, reaching a peak of over $197 million in daily trading volume — nearly four times higher than Pump.Fun at that moment.
• By August, Pump.Fun regained its leading position, with trading volume rising to $191 million compared to $6 million on LetsBonk.Fun.
• Adjustments to the platform, including paybacks and dynamic fees, attracted new meme coin developers back to Pump.Fun.
• The native PUMP token increased by nearly 80% over a two-week period, although it still trades approximately 15% below its all-time high.
• Emerging competitors like Believe.me, Heaven, and Sugar.me briefly posed challenges to Pump.Fun, but most were unable to sustain long-term momentum.

In July, speculation circulated within the crypto community that Pump.Fun was “over” and a new leader had arisen: LetsBonk.Fun. This narrative had some foundation.

When examining trading volumes on meme coin launchpads, it was evident that LetsBonk began to gain traction throughout the month. At its peak on July 21, LetsBonk.Fun reported just over $197 million in trading volume, while Pump.Fun was around $50 million — representing a nearly 75% decline in comparison.

Source: Dune

Concerns regarding Pump.Fun were heightened by the inactivity of its official X account and co-founder Alon, particularly following the launch of the PUMP token. With no significant updates or news regarding the anticipated airdrop, many community members began to fear the worst. However, this shift in sentiment was short-lived.

Nonetheless, the popularity of LetsBonk.Fun was fleeting. In August, Pump.Fun regained its status as the “king of meme coins.” For context, as of September 10, the platform recorded a trading volume of $191 million, while its rival managed only about $6 million.

Did Paybacks Make the Difference?

Several factors may explain the decline in interest toward LetsBonk.Fun. Initially, the excitement surrounding the platform may have simply diminished, which is typical in crypto markets. More critically, Pump.Fun revised its approach and began offering enhanced incentives to both traders and meme coin developers.

A significant update was the implementation of payback mechanics. Furthermore, the platform introduced dynamic fees that directly reward meme coin creators. This modification made Pump.Fun more attractive for new projects seeking to launch their tokens, as creators now have the opportunity to earn a portion of the launch fees. In essence, the platform began sharing its revenue with the community.

Source: Pump.Fun’s X account

Another key aspect is the weekly paybacks in PUMP tokens. These distributions regularly reward token holders, contributing to increased demand for PUMP and enhancing user engagement throughout the ecosystem.

over the past week, pump fun purchased $12,192,383 in $PUMP tokens, which equates to 98.23% of total revenue for that period (Aug 28-Sept 3)$PUMP purchases have now offset the total circulating supply by 5.363% – an increase of 1.102% over the past week pic.twitter.com/ajfBs0IDTO

— pump.fun (@pumpdotfun) September 4, 2025

The effects are already evident in the token’s price. According to CoinGecko, PUMP has risen nearly 80% over the last two weeks. At the time of writing, it is approximately 15% away from its all-time high (ATH). While some community members continue to criticize the token following its initial decline, the recent recovery indicates a growing confidence in the project.

More Meme Coins and Launchpads Enter the Scene

LetsBonk.Fun was not the only platform attempting to dethrone Pump.Fun. Earlier in the summer, there was significant excitement surrounding Believe.me, a platform based on the concept of Internet Capital Markets (ICM). In simple terms, users can launch meme coins based on an idea or narrative. Several startups joined the platform, including Fitcoin (FITCOIN) — an app focused on wardrobe and outfit suggestions.

At the peak of its popularity, Believe.me nearly matched Pump.Fun in terms of token launch trading volume.

Despite the temporary success of these challengers, new platforms continue to emerge. In August, a new launchpad named Heaven went live. Learning from previous platforms, it immediately implemented a full 100% payback model.

Shortly after its launch, Heaven became the second-largest token launchpad after Pump.Fun. On August 9, it accounted for nearly 28% of all new meme coin launches, while Pump.Fun held 63%. LetsBonk.Fun and Believe.me faded into the background with only 1.7% and 0.4%, respectively.

Competition That Shapes the Meme Coin Space

The increasing competition among meme coins is fostering a more dynamic and responsive environment for both creators and traders. As platforms strive to attract attention and liquidity, they are modifying their models, introducing new features, and becoming more creator-centric. Even Pump.Fun has made adjustments, such as implementing paybacks and flexible fee structures, to maintain its lead.

Simultaneously, the rapid pace of new token launches presents risks. Many meme coins are now created with the intention of becoming symbols of their respective platforms. One example is Useless Coin (USELESS) from LetsBonk, which gained swift popularity earlier in the summer. Its market capitalization surpassed $400 million, with some suggesting it could be a potential successor to Fartcoin (FARTCOIN).

Since July, USELESS has undergone a correction and has not yet returned to its previous highs.

A new launchpad, Sugar.me, has also emerged, currently ranking third in terms of launched tokens after Pump.Fun and LetsBonk. LetsBonk, in turn, has managed to regain second place, demonstrating that market share in this sector can shift rapidly.

In this environment, attention and capital tend to move swiftly. New projects frequently appear, and user preferences evolve alongside them. While this creates more options, it also underscores the necessity for careful assessment of new platforms and tokens.

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