Memecoin launchpad LetsBONK, which supports the Solana-based memecoin BONK and its ecosystem, announced on Wednesday it would set aside 1% of total revenue towards buying back “the top pairs within the BONK eco.”
The revenue will be reassigned from the LetsBONK team’s marketing fund, according to the team’s announcement on X.
LetsBONK has made around $1.5 million in fees over the past 24 hours, according to a Dune dashboard that tracks rival memecoin platforms by Adam_Tehc. 1% of that revenue would equal to $15,000 of buying pressure on top token pairs, such as Useless Coin, which has a market capitalization of about $312 million, according to CoinGecko data.
“[The buybacks] will happen once a week and any pair that reaches the high levels can be included,” LetsBONK founder Tom wrote on X. “More to come.”
The total market capitalizations of tokens launched on LetsBONK recently surpassed $1 billion, according to a Dune dashboard. Useless Coin is the largest coin in the ecosystem, followed by ANI, a token representing xAI’s recent Grok AI Companion.
Notably, rival platform Pump has integrated a revenue-sharing mechanism into its newly-launched PUMP token and a “community takeover” mechanism that will enable users to commandeer “abandoned” projects.
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