PumpFun ($PUMP), a Solana-based memecoin launchpad, has experienced a sharp decline in revenue and market position, losing its lead to BonkFun ($BONK_FUN). PumpFun's daily revenue plummeted from $7 million in January to $307, marking its lowest point in 10 months. In contrast, BonkFun has surged ahead, doubling PumpFun's monthly revenue and surpassing $100 million in 24-hour volume, which is 600% higher than PumpFun's $15 million. BonkFun has also gained over 13% market share in a single day, more than any other individual launchpad, and has maintained its top position in weekly revenue, token launches, graduations, and active addresses for four consecutive weeks. Notably, BonkFun has outperformed Ethereum in weekly revenue, underscoring Solana's growing dominance in the meme token and DeFi sectors. Market share data shows BonkFun commanding 57.4% of the memecoin launchpad market, with PumpFun holding 25.8%. BonkFun's ecosystem continues to benefit from buyback mechanisms, including a recent burn of 300 billion BONK tokens valued at approximately $7.61 million. Despite PumpFun's recent struggles, there are signs of a potential rebound, with increased volume and price gains following a buyback strategy that utilized 98% of fees for repurchases. Additionally, PumpFun's team reportedly holds $2 billion in cash reserves, fueling speculation about a possible recovery. The competitive dynamics between PumpFun and BonkFun remain a focal point in the Solana memecoin launchpad space.