Original Title: "LetsBONK Market Cap Surpasses $30 Million in 6 Hours, Raydium Launches Counterattack Against Pumpfun"

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

In the early hours of April 26, the well-established Solana meme coin BONK announced the launch of its own LaunchPad—LetsBonk.fun, prompting a wave of excitement in the market with shouts of "LetsBONK!" Within just 24 hours, it attracted 800,000 visitors, generated $300 million in trading volume, and created 2,700 tokens, of which over 70 were successfully launched. The token of the same name, Let's BONK, skyrocketed to a market cap of $30 million within 6 hours.

Two weeks have passed, and the enthusiasm for LetsBONK has not waned. The number of graduating tokens in the past 24 hours has already surpassed PumpFun, especially after yesterday's tweet from founder TOM, who mocked PumpFun for "copying" LetsBONK's creator incentive program and subsequently blocked them on X. With the participation of Believe, which has returned with a "new skin," this Solana on-chain "battle of hundreds of groups" is becoming increasingly exciting, bringing much-needed liquidity and faster volatility back to the chain.

The Position of BONK in the Solana Ecosystem

When mentioning BONK, many people's first impression is the "yellow Shiba Inu logo," and the second is the "airdrop of Saga phones." 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 release of the phone, but the focus was on creating a crypto-first app store, allowing crypto participants to be free from the ecosystems of Apple and Google.

However, initially, the phone's sales were only 20-30 units per day, and even after promotions, sales only reached 50-60 units. It could take years to sell out the 20,000 phones. When Toly participated in Laura Shin's podcast, he admitted that only 2,500 Saga phones had been sold, but just three days later, they sold 15,000 units in a single day. At that time, the airdrop of BONK had already multiplied the phone's price several times, creating a new model that connected physical products and ecosystems through a memecoin.

In an interview with Bankless, Toly stated, "I believe that Solana developers and NFT developers are two groups. There is some overlap between them, but clearly, they are two different types of developers, and BONK connects the two. The phone becomes an NFT, and BONK holders have to pay attention to the phone app ecosystem."

Two years have passed in the blink of an eye, and BONK has continued to build within the Solana ecosystem for two years. Whether in DeFi, GameFi, developer communities, or applications, it has established over 10 applications and integrated $BONK into more than 100 ecosystems. Now, as the Solana ecosystem needs to kick off a LaunchPad battle, it has returned with LetsBonk.fun.

LetsBONK!

LaunchPad Mechanism

A few hours after BONK officially released READ the four community guidelines: "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," was also a clear statement.

The trading fee on the BONK platform is 1%, part of which will be used for verification by BONKSOL nodes, and some will be used to buy back and burn $BONK, thus achieving "Reduce Supply." Once launched, it received support from numerous project parties and OG communities within the Solana ecosystem, with key figures like Dex leader Jupiter, crypto "PayPal" MoonPay, OG community MonkeDAO "SMB community," and Solana founder Toly all sending their congratulations for LetsBonk.

LETSBONK

LetsBONK is a meme named after the platform LetsBonk.fun. Although it initially did not have a particularly high market cap, the market recognized it as a strong contender. After reaching a peak market cap of $500,000 in the first wave, it was temporarily drained by the surging DumpFun, dropping to a market cap of $100,000. However, as DumpFun's K-line continued to weaken and more KOLs, project parties, and community OGs shouted the slogan "LetsBonk," market attention returned to $LETSBONK, which opened low and rose high, surging to a market cap of $30 million within 6 hours. This was the first "hundred times coin" that LetsBONK.fun achieved after its launch, and as of the time of writing, it has retraced to a market cap of $10 million.

HOSICO

Hosico was originally a cute cat with 1.8 million followers on Instagram. The Hosico released on BONK is in the style of Ghibli AI art, which surged to a market cap of $10 million within an hour after a surprise attack after 4 AM, and despite the fluctuations of other tokens, it developed an independent market trend among BONK platform tokens, reaching a peak market cap of $23 million, currently reported at $10 million.

USELESS

USELESS originated from a tweet by BONKGUY on X stating, "This is a useless currency and should not be pushed up." This kind of nihilistic emotional concept, similar to "FARTCOIN," "SHIT," "HOUSECOIN," is favored by the European and American communities. Since the launch of BONK, its market cap has skyrocketed to $34 million, and it has now retraced to $20 million.

DAZHUANG

Since BONKGUY connected with the Chinese-speaking community, it seems to have opened a "Chinese IP" rapid acceleration mode. After yesterday's IKUN quickly reached a market cap of $15 million, today an on-chain token 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 the on-chain DEGEN DIOR's comment "I have a monkey for you," the DAZHUANG token broke through $3 million.

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

Ben Pasternak, the founder of Believe/Clout, is a 25-year-old Australian "entrepreneurial genius." At 15, he developed the game "Impossible Rush," which surged into the Top 20 of the U.S. App Store. At 17, he founded the teen social platform Monkey, which has over 20 million users, and at 20, he pivoted to plant-based chicken nuggets NUGGS, which conquered Walmart shelves.

In January of this year, a product claiming to be the social version of "Nasdaq" appeared on the Solana chain, supported by multiple Solana ecosystem OGs, bringing many Web2 tech projects into the crypto space to "issue tokens." However, the participant experience was not very good, as many tokens went to zero in a short time, and the mobile app crashed after being online for a while. Even tokens purchased through the app did not arrive, leading the project to disappear from the scene until recently when it returned with a rebranded project called "Believe."

This time, it has brought more Web2 talent to the blockchain for token issuance, including Alex Leiman, a fellow young entrepreneur who previously launched applications like RizzGPT and Astra, which have collectively been downloaded over 10 million times. His released snake game NOODLE now has a market cap of $14 million.

On the other hand, tokens issued by employees from well-known AI companies have also been well-received in the market. The token GOONC, issued by OpenAI employee Pata van Goon, has also surpassed a market cap of $30 million.

Meta software engineer RubenNorte has also stepped out of his comfort zone to initiate a project that transcends the existing MCP structure—oMSCP. The token issued for this project has now surpassed a market cap of $5 million.

Alex Finn has independently trained a personalized AI content assistant application. It is said that after feeding the AI with over a million posts from X, this AI can provide users with high-traffic AI products like Creator Buddy. Although using it requires a monthly subscription fee of $50, its token BUDDY has already surpassed a market cap of $20 million.

By creating multiple "products" with market caps exceeding $10 million in a short time, its ecosystem has generated over $2.24 million in transaction fees within 24 hours. Additionally, the founder's token "Pasternak," issued during the previous Clout period, has broken its previous high, reaching a market cap of $140 million. Previously, this token had dropped from a high of $80 million to just $180,000. Although the process was lengthy, it seems that the concept of "bringing in talent from outside the circle," aside from 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 (approximately $629 million), becoming the second-largest seller after Solana's former support institution FTX/Alameda. Before the emergence of Pump AMM, it had only caused distress for the Solana Foundation and retail investors. However, after establishing its own DEX, its ambition to monopolize the upstream and downstream became evident. DEXs began to feel the pressure, and the phrase "the world has long suffered from PumpFun" permeated every aspect of the ecosystem.

Even so, dozens of project parties, big and small, including Jupiter, Raydium, Meteora, and Virtuals, launched their LaunchPads in succession, but the responses were lukewarm. Faced with so many commercial competitors, PumpFun's terrifying market share in LaunchPad and the frequency of SOL issuance gave off a vibe of "you dislike me but can't get rid of me."

Meteora attempted to do something similar to what Raydium is doing now by proposing an SDK strategy, hoping to gradually erode PumpFun's market share through a numbers game, but it was unsuccessful and did not yield significant results. Raydium, on the other hand, clearly understands the mindset of on-chain degens. As a former "good partner" of PumpFun, Raydium lost a significant portion of its trading fee income after PumpFun chose not to launch graduating tokens on Raydium in February.

Two months later, they were well-prepared. First, they sent out cook.meme to test the market, and after "cooking" two meme coins with market caps of tens of millions, "Time" and "Symmetra" lost their subsequent market momentum and settled for a while. They then reignited the market through LetsBONK, coincidentally featuring BONK's avatar as the first in the promotional image for cook.meme's launch.

Promotional image for cook.meme's launch

Currently, Raydium's LaunchLab has integrated six platforms and launched trading reward tasks to incentivize users to trade directly on Raydium. LaunchLab has also begun to show results in trading volume, but how it develops in the future will require continuous monitoring.

Now, multiple LaunchPads and DEX markets have formed a multi-legged balance of power, with everyone vying for this tempting pie. Raydium seems to have planned to counter PumpFun's "single brand" monopoly model with a "multi-brand" wheel battle, achieving initial success. The "subsidy war" in this great battle has also brought more funds back from the launch platforms to the market. However, in such a volatile market, I hope all readers manage their funds appropriately while seeking opportunities.

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