Solana’s newest memecoin launchpad, Bonk.fun, has overtaken incumbent Pump.fun across every major metric, seizing roughly 55% of daily issuance volume over the weekend and widening its lead early this week. Data compiled from Dune Analytics and Jupiter DEX show Bonk.fun handling 21,651 token launches in the 24 hours to 08:00 UTC on 8 July—more than double Pump.fun’s 9,960—and generating about US$1.23 million in fees, enough to eclipse the chain’s own fee revenue on the day. The shift ends an 18-month stretch in which Pump.fun dominated Solana’s high-velocity meme economy, having booked more than US$800 million in cumulative fees since its January 2024 debut. Bonk.fun’s rapid ascent is being fueled by an incentive model that directs 58% of platform fees to buy and burn BONK, the ecosystem’s flagship token. BONK has rallied roughly 75% in the past two weeks, unseating TRUMP as Solana’s largest memecoin by market value and ranking among the five most-traded perpetuals on Binance. Pump.fun’s loss of market share arrives just days before a long-anticipated public sale of its native PUMP token. A Gate.io landing page that appeared late Monday briefly outlined a sale of 150 billion tokens—15% of a one-trillion supply—at US$0.004 apiece, implying a US$4 billion fully diluted valuation and up to US$600 million in proceeds. The page was removed within hours without comment from either the exchange or Pump.fun, adding uncertainty to a raise that some traders already view as aggressive given the platform’s recent revenue slump. While Pump.fun still commands the larger user base—around 111,000 active wallets versus Bonk.fun’s 45,000 on 7 July—developers and high-frequency deployers appear to be migrating. Analysts note that 88% of Pump.fun’s top 200 serial token creators have shifted to Bonk.fun, and the newcomer now accounts for three-quarters of all tokens completing bonding-curve ‘graduations’. Whether the projected launch of PUMP can stem the outflow—or whether Bonk.fun cements its lead—has become the central question for Solana’s fast-moving meme market.