Bull returns quickly, and the fastest to return is still the Meme sector.

Recently, there have been continuous on-chain ‘gold dog’ incidents, and it seems that the lively mood of ‘dog-hitting’ is back.

However, in the meme space on the chain, unlike the dominance of Pump.fun in the last round, there are now more challengers in the current version, trying to shake the dominant position of its meme launchpad.

After all, the platform makes money from meme every day by charging fees, which is a very lucrative business. So you can see various launchpads appearing in clusters recently, and on their respective launchpads, there are golden dogs trying to attract limited attention in the stock market.

In this environment, there are also cases where two platforms start issuing tokens with the same name, such as today letsBONK.fun (referred to as Bonk.fun below) and Pump.fun both have a token called $GLONK, and both platforms fully support their own version.

Bonk.fun is jointly incubated by Raydium and the Bonk community. Raydium provides technical support for Bonk.fun through its LaunchLab platform, while the Bonk community relies on the influence of its meme token $BONK to provide the foundation for Bonk.fun.

This is clearly a strong competitor to Pump.fun.

On the surface, this appears to be a token battle, with players betting on which Glonk will come out on top; but in reality, it is a war of infrastructure within the Solana ecosystem, involving not only the market value and trading volume of tokens, but also the technical strength of the platform, community support, and future development prospects.

More importantly, it’s about real platform revenue and benefits.

Tokens represent popularity and attention, and competition among high-end platforms often appears in the form of a horse race based on the price of a certain token.

Coins compete, founders confront each other across the sky

From the current situation, $GLONK on Bonk.fun seems to have the upper hand.

As of the time of writing, the market value of $GLONK on the Bonk.fun version is around 16.5 million US dollars, while on Pump.fun it is around 4.4 million US dollars; in terms of trading volume and liquidity, the Bonk.fun version of $GLONK is also leading across the board.

Behind the price fluctuations of the $GLONK token is the intense battle between the founders of Bonk.fun and Pump.fun.

Although there is no direct confrontation, SolportTom, the developer of Bonk.fun,@SolportTom) and Pump.fun’s Alon (@a1lon9）are all cheering for their respective platforms.

Tom posted stating that everyone should support Bonk.fun; and 2 minutes later, Alon also posted a similar sentence “SEND THE OG.”, implying that Pump.fun is the true OG of meme launching, pointing to and implying without saying.

What’s even more exciting is that both sides gradually make their intentions clear, naming names and stating that the $GLONK on their platform is the best solution.

Tom believes the market has made its choice, and the price of the GLONK token says it all, directly mentioning @ Alon:

The token market value on Bonk.fun has reached 3 million US dollars, while on Pump.fun, it is only 170,000 US dollars. However, someone posted ‘support the OG version’, I think this is very low-level.

Alon believes that the price performance does not necessarily indicate anything, Pump.fun has its own proud grassroots culture and community spirit; the token price increase on Bonk.fun seems more like the actions of a conspiracy group.

The ‘war of words’ has had a significant impact on market sentiment. After Alon’s ‘OG’ remarks were released at 00:15, the market value of the Pump.fun version of $GLONK briefly rose from $7.8 million to $13.4 million, demonstrating its short-term impact on market sentiment.

However, the market value of the Bonk.fun version recovered to $16.5 million in the following 10 hours, while the Pump.fun version dropped to $4.4 million, indicating that the market ultimately prefers the Bonk.fun version.

Earlier, the official account of Pump.fun also blocked Tom, the developer of Bonk.fun, highlighting the tense competitive situation.

Currently, it does seem that $GLONK on Bonk.fun is winning, but the victory of a single token may not fully explain the issue. The key lies in the competitive advantages of each platform and the means to attract users.

Vertical and horizontal, preemptive

Today’s data shows that the number of graduation tokens on Raydium’s LaunchLab (mainly the Bonk.fun launchpad) has exceeded the number of graduation tokens on Pump.fun for the first time.

Although in terms of the number of token creations, the former still cannot compare with Pump.fun, the higher graduation rate also reflects to some extent that attention and liquidity are gradually being eroded, and Pump.fun’s dominant position is indeed being challenged.

And two days ago, according to the foreign KOL @theunipcs It is reported that Tom, the developer of Bonk.fun, revealed some key data about LetsBONKfun during the chat.

• 6,911 tokens were created within 24 hours, incurring a cost of 2,880.36 SOL (current price is about 500,000 USD);
• Since the platform was launched, a total of 26,902 tokens have been created;
• The total amount of fees generated since its launch is 10,197.83$SOL(Generated nearly 2 million US dollars in just two weeks after going online)

Behind the data, the platform’s growth benefits from an incentive mechanism centered on creators:

On May 4, 2025, the platform partnered with Raydium to provide 50,000 RAY to eligible traders on Launchlab and LetsBonk.fun.Airdrop, to increase user engagement.

On May 11th, LetsBonk.fun announced that it will provide $5,000 for the rapid development and sustained growth of five tokens in the next week.reward .

On May 13th, Tom added an additional $15,000 to the project with the best performance next week.reward .

It is quite different from the subsidy-burning behavior of other takeout platforms, which aims to attract merchants and users.

Under the heavy reward, there must be a brave man. The platform will also share 10% of the liquidity pool (LP) fees with the token creators after the migration. These measures have also attracted developers of FARTCOIN to deploy two tokens, FANGPI and BarkCoin, on Bonk.fun; among which, the market value of BarkCoin reached $826,700 on May 13, bringing more attention and participation to LetsBonk.fun.

One of the most interesting things is connecting with the Chinese community.

Bonk.fun not only developed a series of tools to support one-click creation of tokens based on content from Chinese social media platforms, but also integrated narrative elements related to popular Chinese topics.

And ikun, who was on fire on Bonk.fun yesterday, is one of the powerful proofs. The Chinese-style meme of “You are so beautiful” has begun to spread outward, and the market value of ikun once exceeded 12 million US dollars.

Who will win in the end?

As the two major players in the meme token launchpad in the Solana ecosystem, these two platforms have engaged in a comprehensive competition in technical strength, community support, and market performance.

With the support of Raydium and the Bonk community, Bonk.fun has risen rapidly, while Pump.fun is fighting back with technological innovation and a large user base. Let’s take a specific look at the competitive advantages and highlights of each.

The token creation process of Bonk.fun is also very simple (only three steps: click “Create Token”, enter information, set issuance), reducing the user threshold, while Raydium’s CPMM pool provides higher liquidity support for its tokens; In addition, Bonk.fun enhances community stickiness through income feedback mechanism (35% for $BONK repurchase and destruction), attracting a large number of users interested in the Bonk ecosystem.

As a market leader, Pump.fun has also been consolidating its position through innovation in recent years.

In March 2025, Pump.fun launched the PumpSwap platform, offering instant free token migration (previously costing 6 SOL) and supporting cross-chain token trading (such as Aptos’ APT).

In early May 2025, Pump.fun introduced a creator revenue sharing mechanism (0.05% of trading volume) in an attempt to incentivize creators to address the ‘pump-and-dump’ issue. Despite temporarily lagging behind in the $GLONK battle, Pump.fun remains the more stable one on the throne, with a massive user base (peak daily active addresses of 107,000) and accumulated revenue of 1.5 billion dollars.

If Bonk.fun wants to truly shake the position of Pump.fun, it needs to further expand its user base and technological innovation. Meanwhile, Pump.fun needs to address the trust crisis brought by community stickiness and historical negative events (such as the 2024 employee theft incident).

On the other hand, for on-chain players, platform competition is more like a bonus.

Different platforms are bound to create their own wealth effect, whether it’s conspiracy or community, the probability of golden dog appearing will increase; compared to the stagnant market, it’s always better to have a golden dog than not, with the expectation of gaining even when one is sitting idly.

At the same time, in order to attract users, the platform will inevitably introduce more favorable rules or incentive plans, which can also be considered a kind of ‘scratching’ on Meme.

However, the emergence of multiple platforms has also made the already extremely competitive Trench in PVP appear more crowded, with shorter token lifecycles and faster pace of entry, posing more demands on energy and monitoring.

Chaos is a ladder, and there are always young people benefiting from the iteration of versions.

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