PumpFun, a Solana-based memecoin launchpad, launched its native token $PUMP through a public Initial Coin Offering (ICO) on July 12, 2025, with a total supply of 1 trillion tokens and 15% (150 billion tokens) offered at $0.004 per token. The ICO raised approximately $600 million, valuing the token at $4 billion fully diluted valuation (FDV). The token's market cap briefly reached $1.3 billion shortly after launch but has since declined sharply, falling below its ICO price and dropping over 45% from its peak. By late July, $PUMP's market cap fell below $1 billion for the first time since the ICO. This decline coincided with growing competition from LetsBONK, another Solana-based memecoin platform, which has steadily increased its market share to over 70%, surpassing PumpFun's share, which dropped below 60%. LetsBONK has also announced that 1% of its total revenue will be allocated to buy back top tokens within its ecosystem, a move that has bolstered its market presence. In response to the loss of market share, PumpFun is reportedly preparing a new incentives program expected to last at least 30 days to regain momentum and compete with LetsBONK. Despite the decline, $PUMP's fully diluted valuation briefly increased to $5.1 billion on secondary markets like Bybit, reflecting high initial demand. The memecoin launchpad market on Solana is currently dominated by LetsBONK and PumpFun, which together control approximately 89% of launchpad market volume. The competitive dynamics between these platforms are closely watched by the crypto community as they vie for dominance in the Solana memecoin ecosystem.