Solana’s fast-growing meme-token economy is undergoing an abrupt power shift. Data compiled since 5 July show Bonk.fun — a launchpad created by the BONK meme-coin community — overtaking long-dominant Pump.fun in nearly every operating metric. By 8 July, Bonk.fun accounted for 55-62 percent of launchpad revenue and issued more than twice as many new tokens as its rival, with 21,651 launches and 228 graduations recorded in one day versus Pump.fun’s 9,960 and 67. Market-share readings later in the week climbed as high as 78 percent for Bonk.fun, while Pump.fun’s share fell to roughly 21 percent before partially recovering. The surge in activity translated directly into protocol income. Bonk.fun generated about $6.23 million in seven-day revenue through 10 July and $1.24 million in the 24 hours to 16 July, out-earning Pump.fun by 52 percent over the same day. CoinDesk and other analytics providers also reported that Bonk.fun’s daily take briefly eclipsed that of the Ethereum base layer, underscoring the scale of Solana-based retail speculation. Rising platform fees have fueled aggressive token economics. Bonk.fun uses most of its revenue to buy and burn BONK, helping to lift the token’s market value above $3 billion on 16 July after a 150 percent monthly rally. BONK is now one of the 40 largest cryptocurrencies by market capitalization. Pump.fun, meanwhile, completed a $600 million initial coin offering for its own PUMP token on 13–14 July, listing at roughly $2 billion in market value. Within 24 hours the project began a defensive share-support program, transferring 187,770 SOL (about $30.6 million) from fee wallets to a buyback address. Blockchain records show 118,351 SOL — roughly $19.3 million — had already been spent by 16 July to repurchase nearly 3 billion PUMP tokens at an average price of $0.0064, with additional funds still held for future purchases. The buyback briefly pushed Pump.fun back to the top of Solana’s 24-hour trading-volume rankings on 16 July, yet Bonk.fun continued to lead in new token launches and overall revenue. Analysts say the back-and-forth highlights intensifying competition among Solana-based issuance platforms and the growing influence of meme-driven incentive models on broader crypto-market liquidity.