The meme launch platform adds another major player: BONK launches LetsBonk.fun, with a trading volume exceeding $300 million in 24 hours.

In the early morning of April 26, Solana's well-known meme coin BONK announced the launch of its own LaunchPad——LetsBonk.fun, and the market responded enthusiastically, shouting "LetsBONK!" In just 24 hours, it created 800,000 visitors, 300 million in volume, and 2,700 tokens were created, of which over 70 were successfully launched. The similarly named token Let's BONK skyrocketed to a market capitalization of 30 million dollars within 6 hours, and the internet-famous cat Hosico also surged to a market capitalization of 30 million dollars, with BONK community OGs leading the way for conceptual tokens to flourish.

With so many projects on the LaunchPad, why does BONK have such great energy? After the initial climax, is BONK a flash in the pan or will it rise from here?

BONK's position in the Solana ecosystem

When it comes to BONK, many people's first impression is "the logo of a yellow Shiba Inu" and the second impression is "the airdrop of the Saga phone." Tracing back, this yellow Shiba Inu is the first contributor to the sales of Solana phones. When Solana launched the Solana phone, it aimed to create an ecosystem, with the first step being the issuance of the phone, but the key focus was to create a crypto-first app store that allows crypto participants to be free from the ecosystems of Apple and Google.

At first, the sales of the phone were only 20-30 units per day. Even after promotion, the sales only reached 50-60 units. It might take several years to sell out 20,000 units. When Toly participated in Laura Shin's podcast, he admitted that they had only sold 2,500 Saga phones, but just three days later, they sold 15,000 units in just one day. At this point, the airdrop of BONK had already multiplied the price of the phone several times. The airdrop of BONK created a new model that connected physical products with the ecosystem through a Memecoin.

In an interview with Bankless, Toly said, "I think the developers of Solana and the developers of NFTs are two groups, and there is some overlap between them, but obviously these are two different types of developers, and BONK connects the two, and the phone becomes an NFT, and the holders of BONK have to pay attention to the ecology of the mobile app."

In the blink of an eye, 2 years have passed, and BONK has continued to build the Solana ecosystem for 2 years, whether it is DeFi, GameFi, the developer community or the application agency, and has built more than 10 applications and integrated $BONK into more than 100 ecosystems. And when the Solana ecosystem needed to start a LaunchPad battle, he came back with LetsBonk.fun.

LetsBONK！

LaunchPad mechanism

A few hours after BONK officially released the four community guidelines READ "Reduce Supply, Expand Awareness, Accelerate Adoption, Drive Revenue", BONK launched LetsBONK.Fun, implementing the guideline "Accelerate Adoption". "It’s not enough to talk about $BONK, it needs to be used" also holds true.

The transaction fee of the BONK platform is 1%, part of which will be verified by BONKSOL's nodes, and part of it will be used to buy back and burn $BONK, which also achieves "Reduce Supply". As soon as the platform was launched, it was supported by a number of project parties in the Solana ecosystem and the OG community, such as Dex leader Jupiter, crypto "Paypay" MoonPay, OG community MonkeDAO "SMB community", Solana founder Toly and other inner circle figures have "sent congratulatory messages LetsBonk".

What coins does LetsBONK have?

DUMPFUN

Within the first few hours of LaunchPad's release, three tokens emerged to form a three-way stalemate. First, the initially deployed token DumpFun, leveraging its first-mover advantage, surged to a market capitalization of 6 million dollars within three hours. However, with the strong performance of other tokens, Ticker, which is inherently unsuitable for speculation, fell behind, and as of now, it has nearly reached zero at a market capitalization of 80,000 dollars.

LETSBONK

LetsBONK is a meme with the same name as the platform LetsBonk.fun, which is also the reason why the market recognized him as Ryuuji although he did not have a particularly high market value at the beginning, after the first wave reached a maximum market value of $500,000, he was sucked by the limelight DumpFun and once returned to a market value of $100,000. As DumpFun's K-line continues to weaken, and more and more KOLs, project parties, and community OGs shout the slogan "LetsBonk", the market's attention has returned to $LETSBONK, opening low and going high, soaring to a market value of $30 million within 6 hours, which is also the first "100-fold coin" played by LetsBONK.fun after the issuance, and has now retraced to a market value of $10 million by the deadline.

HOSICO

Hosico was originally a cute cat with 1.8 million followers on Instagram. The Hosico issued on BONK is in the Ghibli AI art style, which surged after 4 AM, reaching a market capitalization of 10 million USD within an hour. It exhibited an independent trend among tokens on the BONK platform, unaffected by the fluctuations of other tokens, peaking at a market capitalization of 23 million USD, and is currently reported at 10 million USD.

NOM

NOM is the founder of MonkeDAO, an OG community, and MoonWalk, a fitness app, and one of the core members/initiators of BONN. The community's evaluation of it was generally positive, and after a roller coaster ride as high as $5 million and as low as $900,000 market cap, NOM himself posted a tweet thanking the participants of $NOM and saying that he was considering the future use of the token, and the price of the token skyrocketed to $3.5 million market capitalization, and the price is now back to $1.5 million. Like LetsBONC, it also has a "community slogan" - "Trust in Nom".

PumpFun Against the World

As of April, just a year and a half since its launch, Pumpfun has sold a total of 3.403 million Sol (approximately $629 million), making it the second largest seller after Solana's former supporting institution FTX/Alameda. Before the emergence of Pump AMM, it was merely a source of frustration for the Solana Foundation and retail investors. However, after establishing its own DEX, its ambition to monopolize the upstream and downstream has become evident. DEX has started to feel the pressure, and thus "the world has suffered from PumpFun for too long" has permeated every aspect of the ecosystem.

Even so, dozens of projects like Jupiter, Raydium, Meteora, and Virtuals have launched on LaunchPad one after another, but the response has been mediocre. Faced with so many commercial competitors, PumpFun's terrifying market share and the frequency of Sol issuance give off a sense of "you may dislike me, but you can't get rid of me."

Meteora has done something similar to Raydium now, which is to come up with an SDK strategy, trying to slowly eat away at PumpFun's market share with crowd tactics, but it has not succeeded, and the results are not significant. Raydium apparently understands Degen's heart better on the chain, as a former "good partner" of PumpFun, after Pumpfun chose not to launch graduation tokens on Raydium in February, Raydium lost a large part of its transaction fee income.

After 2 months, they were quite well-prepared. First, they sent out cook.meme to test the market. After "cooking" two MemeCoins with a market capitalization of ten million dollars, "Time" and "Symmetra" lost their subsequent market momentum and settled for a while. They then reignited the market again through LetsBONK. Coincidentally, the first image on the promotional graphic for cook.meme featured the avatar of BONK.

The promotional image for cook.meme launch.

Currently, Raydium's LaunchLab has integrated 6 platforms and launched trading reward tasks to incentivize users to trade directly on Raydium. The LaunchLab has also shown initial results in terms of trading volume, but its future development still needs continuous tracking and observation.

Currently, the LaunchPad and DEX markets have formed a situation of multiple parties competing for dominance, with everyone eager to grab this enticing cake. Raydium seems to be planning to counter Pumpfun's monopoly model of 'single brand' through a 'multi-brand' wheel battle, but the outcome is still uncertain. We can only hope that more retail investors can benefit from this battle and bring liquidity back to the market. However, in the current market conditions, 'cash is king', and I hope all readers manage their funds well while looking for opportunities in the market.