Original Title: 《LetsBONK market capitalization breaks 30 million USD in 6 hours, Raydium launches counterattack on Pumpfun》

This article was first published on April 27, with some content newly edited.

In the early morning of April 26, the well-known Solana meme coin BONK announced the launch of its own LaunchPad—LetsBonk.fun, which was met with enthusiastic responses from the market, with many shouting "LetsBONK!" In just 24 hours, it generated 800,000 visitors, 300 million in trading volume, and 2,700 tokens were created, of which more than 70 were successfully launched, while the token with the same name Let's BONK soared to a market capitalization of 30 million dollars within 6 hours.

Half a month has passed, and the craze for LetsBONK has not faded. The number of graduation tokens in the past 24 hours has already surpassed PumpFun, especially after yesterday's tweet where founder TOM mocked PumpFun for "copying" the creator incentive activities of LetsBONK and blacklisted its X account, which led to a heated situation. With the participation of Believe, which returned with a "skin change", this "hundred group battle" on the Solana chain is gradually becoming exciting, bringing much-needed liquidity and faster volatility back to the chain.

The Status of BONK in the Solana Ecosystem

When it comes to BONK, many people's first impression is "the LOGO of the yellow Shiba Inu" and the second impression is "the airdrop of the Saga phone." To trace back, this yellow Shiba Inu is the first contributor to the sale of Solana phones. When Solana launched the Solana phone, it aimed to create an ecosystem. The first step was to issue the phone, but the focus was on creating a cryptocurrency-first app store, allowing crypto participants not to be restricted by the ecosystems of Apple and Google.

But at the beginning, the daily sales of the phone were only 20-30 units, and even after promotion, the sales only reached 50-60 units. It might take several years to sell out 20,000 phones. 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 was several times the price of the phone, creating a new model through the airdrop of BONK that connected physical products with the ecosystem via a Memecoin.

In an interview with Bankless, Toly expressed, "I believe that the developers of Solana and the developers of NFTs are two groups that have some overlap, but clearly, they are two different types of developers, and BONK links the two together. Mobile phones have become NFTs, and BONK holders have to pay attention to the ecosystem of mobile applications."

In the blink of an eye, two years have passed, and BONK has continuously contributed to the Solana ecosystem for two years. Whether it is DeFi, GameFi, the developer community, or applications, it has been hands-on and has established more than 10 applications to date, integrating $BONK into over 100 ecosystems. And when the Solana ecosystem needs to launch a LaunchPad battle, it comes back with LetsBonk.fun.

LetsBONK！

LaunchPad mechanism

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

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".

LETSBONK

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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, and Hosico released on BONK is a Ghibli AI-style Hosico, which struck after 4 a.m. and rose to a market value of $10 million within 1 hour, regardless of the rise and fall of other tokens.

USELESS

USELESS is a tweet posted by BONKGUY on X stating "This is a useless currency and should not be promoted." This kind of nihilistic and emotional concept, similar to "FARTCOIN," "SHIT," and "HOUSECOIN," is favored by the Western community. Since the launch of BONK, its market capitalization skyrocketed to 34 million dollars, but has now corrected to 20 million dollars.

DAZHUANG

Since BONKGUY connected with the Chinese community, it seems to have opened the "Chinese IP" rapid acceleration mode. After yesterday's IKUN market capitalization rapid ascent of 15 million USD, today an on-chain figure called DAZHUANG appeared, resembling the image of U.S. Vice President Vance, filled with Meme colors. The market's FOMO is beyond imagination; just by replying to DEGEN DIOR in the comment section with "I have a monkey for you," the DAZHUANG token broke through 3 million USD.

Believe? Clout? Just believe and it's done?

Ben Pasternak, the founder of Believe/Clout, is a 25-year-old Australian "entrepreneurial genius", who developed the game "Impossible Rush" at the age of 15 and rushed into the top 20 of the App Store in the United States, and founded Monkey, a teenage social platform founded at the age of 17, with more than 20 million users, and turned around at the age of 20 to storm Walmart shelves with plant-based chicken nuggs.

In January this year, a product claiming to be the social version of "Nasdaq" appeared on the Solana chain, supported by multiple OGs from the Solana ecosystem, and brought many Web2 technology projects into the crypto space to "issue tokens." However, the experience for participants was not great, as many tokens went to zero in a short period, and the mobile app crashed after being launched for a while. Even tokens purchased through the app did not arrive, and since then, the project had gone silent until recently when it returned with a rebranded project called "Believe."

This time he also brought more Web2 talents to the blockchain to issue tokens, including Alex Leiman, a fellow young entrepreneur who previously launched applications like RizzGPT and Astra, which have a total download count of over 10 million. The snake game NOODLE that he released now has a market capitalization of 14 million dollars.

On the other hand, tokens issued by employees from well-known AI companies are also highly sought after in the market, with the token GOONC issued by OpenAI employee Pata van Goon surpassing a market capitalization of 30 million dollars.

Meta's software engineer Ruben Norte also mentioned that he stepped out of his comfort zone to initiate a project called oMSCP, which goes beyond the existing MCP structure during his personal time. The tokens issued for this project have now surpassed a market capitalization of 5 million dollars.

Alex Finn independently trained a personalized AI content assistant application, which is said to have provided users with a massive traffic-generating AI product, Creator Buddy, after feeding the AI with over millions of X posts. Although it requires a monthly subscription fee of $50 to use, its token BUDDY has a market capitalization of over $20 million.

By creating multiple "products" with a market value of more than $10 million in a short period of time, the 24-hour fee income of its ecosystem has exceeded $2.24 million, along with the founder coin "Pasternak" issued during the last Clout era, which reached a market value of $140 million before the break, after the token fell from a high of $80 million in market value to only $180,000 in market value. Although the process is very long, it seems that the concept of "talent introduction outside the circle" other than on-chain launchers is beginning to take shape.

PumpFun Against the World

As of April, in just a year and a half, Pumpfun has sold 3.403 million Sol, which is approximately 629 million USD, making it the second-largest seller after Solana's former supporter FTX/Alameda. Before the emergence of Pump AMM, it was merely a source of distress 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 long suffered from PumpFun" has permeated every aspect of the ecosystem.

Even so, various projects like Jupiter, Raydium, Meteora, and Virtuals have launched their LaunchPads one after another, but the response has been lukewarm. Faced with so many business competitors, PumpFun's terrifying market capitalization share and frequency of Sol shipments evoke a sense of "You dislike me, but you can't take me down."

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.

2 months later, they were quite well prepared, first sent cook.meme to test the market, "Cook" 20 million US dollars of MemeCoin market capitalization, and then "Time, Symmetra" lost the follow-up market momentum, so they precipitated for a period of time, and once again detonated the market through LetsBONK, coincidentally, the first one on the promotional picture of cook.meme was the avatar of BONK.

The promotional image for cook.meme launch

Currently, Raydium's LaunchLab has integrated 6 platforms and has initiated trading reward tasks to incentivize users to trade directly on Raydium. The LaunchLab has also started to show results in terms of trading volume, but its future development still requires ongoing tracking and observation.

Now that multiple LaunchPad and DEX markets have formed a multi-legged trend, and everyone wants to compete for this tempting cake, Raydium seems to have planned to fight against Pumpfun's "single-brand" monopoly model through a "multi-brand" wheel war, and the "subsidy war" in this war has also brought more money from the launch platform back to the market. However, in such a volatile market, it is hoped that all readers should also manage their funds accordingly when looking for opportunities in the market.

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