LetsBONK's market value surpassed 30 million dollars in 6 hours, and Raydium launched a counterattack against Pumpfun

Author: Rhythm BlockBeats

In the early hours of April 26, the long-established meme coin BONK on Solana announced the launch of its own LaunchPad ------ LetsBonk.fun, and the market responded enthusiastically, shouting "LetsBONK!" Within just 24 hours, it created 800,000 visitors, 300 million in trading volume, and 2,700 tokens were created, with over 70 successfully launched. The token Let's BONK even soared to a market cap of 30 million dollars within 6 hours.

With so many projects issuing LaunchPads, why does BONK have such great energy? After the initial excitement, will BONK be a flash in the pan or rise from here?

BONK's Position in the Solana Ecosystem

When mentioning BONK, many people's first impression is "the logo of a yellow Shiba Inu," and the second impression 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, the initial sales of the phone 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 were sold, but just three days later, they sold 15,000 units in a single day. At this point, the airdrop of BONK had already surpassed the price of the phone several times, creating a new model that connected physical products with the ecosystem through a memecoin.

In an interview with Bankless, Toly stated, "I believe the developers of Solana and the developers of NFTs are two groups. There is some overlap between them, but clearly, they are two different types of developers, and BONK has connected the two. The phone has become an NFT, and holders of BONK 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 in the Solana ecosystem for two years. Whether in DeFi, GameFi, developer communities, or applications, it has been hands-on, establishing over 10 applications and integrating $BONK into more than 100 ecosystems. And when the Solana ecosystem needed to kick off a LaunchPad battle, it came back with LetsBonk.fun.

LetsBONK!

LaunchPad Mechanism

A few hours after BONK officially released its 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," was also said.

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, achieving "Reduce Supply" at the same time. The platform received support from many project parties and OG communities in the Solana ecosystem as soon as it was launched. Dex leader Jupiter, crypto "PayPal" MoonPay, OG community MonkeDAO "SMB community," and core figures like Solana founder Toly all sent their congratulations to LetsBonk.

What Tokens Does LetsBONK Have?

DUMPFUN

Within the first few hours of the LaunchPad release, three tokens emerged, forming a three-way standoff. The first token, DumpFun, which was deployed first, surged to a market cap of 6 million dollars within three hours due to its first-mover advantage. However, as other tokens gained strength, the inherently unsuitable Ticker for speculation fell behind, and as of now, it has nearly dropped to zero at a market cap of 80,000 dollars.

LETSBONK

LetsBONK is the meme named after the platform LetsBonk.fun. Although it initially did not have a particularly high market cap, the market recognized it as the second in command. After reaching a peak market cap of 500,000 dollars in the first wave, it was drained by the surging DumpFun, temporarily returning to a market cap of 100,000 dollars. 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 dollars within 6 hours. This was also the first "hundred times coin" that LetsBONK.fun issued, and as of the deadline, it has retraced to a market cap of 10 million dollars.

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 dollars within an hour after a surprise attack after 4 AM, and it moved independently in the BONK platform tokens, reaching a peak market cap of 23 million dollars, currently reported at 10 million dollars.

NOM

NOM is one of the founders of the OG community MonkeDAO and the fitness app MoonWalk, and also one of the core members/initators of BONK. The community generally has a positive evaluation of him, and after experiencing a roller coaster from a high of 5 million dollars to a low of 900,000 dollars in market cap, NOM himself tweeted to thank the participants of $NOM and stated that he was considering the future applications of this token, which immediately caused the token price to surge to a market cap of 3.5 million dollars, currently quoted back to 1.5 million dollars. Like LetsBONK, it also has a "community slogan" ------ "Trust in Nom."

PumpFun Against the World

As of April, in just a year and a half, Pumpfun has continuously sold 3.403 million Sol (about 629 million dollars), becoming the second-largest seller after Solana's former supporting institution FTX/Alameda. Before the emergence of Pump AMM, it had only caused headaches for the Solana Foundation and retail investors, but after establishing its own DEX, its ambition to monopolize the upstream and downstream has become evident. DEXs have become tense, and the phrase "the world has suffered from PumpFun for too long" has permeated all aspects of the ecosystem.

Even so, dozens of projects, big and small, such as Jupiter, Raydium, Meteora, and Virtuals, have launched their LaunchPads one after another, but the response has been tepid. Faced with so many commercial competitors, PumpFun's terrifying market share in LaunchPad and the frequency of Sol sales gives a sense of "you dislike me but can't get rid of me."

Meteora once did something similar to what Raydium is doing now, proposing an SDK strategy, attempting to slowly erode PumpFun's market share with a human sea tactic, but it was unsuccessful and the results were not significant. Raydium clearly understands the heart of on-chain Degens better. As a former "good partner" of PumpFun, after Pumpfun chose not to launch graduated tokens on Raydium in February, Raydium lost a significant portion of its trading fee income.

Two months later, they were well-prepared. First, they sent out cook.meme to test the market. After "cooking" two meme coins with a market cap of tens of millions, "Time" and "Symmetra" lost their subsequent market momentum and settled for a while, before reigniting the market through LetsBONK. Coincidentally, the promotional image for cook.meme featured BONK's avatar first.

Promotional image for cook.meme

Currently, Raydium's LaunchLab has integrated 6 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 will develop in the future still needs to be continuously monitored.

The current LaunchPad and DEX market has formed a multi-faceted standoff, with everyone wanting to compete for this tempting cake. Raydium seems to have planned to counter Pumpfun's "single brand" monopoly model with a "multi-brand" wheel battle, but the outcome is still unknown. 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 situation, "cash is king," and I hope all readers manage their funds well while seeking opportunities in the market.