Pump.fun is another vertical leader that has reclaimed near-monopoly status, now commanding 95% of the daily token graduation market share. This marks a significant recovery from earlier this summer, when competitors like LetsBonk, Believe, and Moonshot collectively challenged its dominance.
Token graduation refers to when newly launched tokens reach sufficient liquidity thresholds to transition from launchpads onto established decentralized exchanges like Raydium. This metric effectively measures which platforms are generating tokens with genuine traction rather than those that fail to gain market interest.
The launchpad model has expanded beyond Solana, with platforms like four.meme on BNB demonstrating that the token creation and discovery framework can work across different blockchain ecosystems.
Overall launchpad activity has contracted in recent months, with total volume now hovering around $100 million and roughly 100 tokens graduating daily across all platforms. This decline suggests that attention has shifted away from memecoin speculation.
Despite the slowdown, Pump.fun still generates roughly $1 million in daily revenue — down from about $3 million in September but notable given weaker market activity. The platform’s ability to maintain user engagement during market downswings underscores the stickiness of its user experience and network effects.
Pump.fun’s resilience positions it as the entrenched leader in the memecoin creation vertical. While speculative interest may ebb and flow with market cycles, the platform has established itself as the primary infrastructure for token launches within its niche.
The gap between Pump.fun and its competitors also suggests it has meaningful competitive advantages, whether through superior discovery mechanisms, liquidity, or community resilience, that may prove difficult for rivals to overcome even when memecoin activity eventually rebounds.
This is an excerpt from The Block’s Data & Insights newsletter. Dig into the numbers making up the industry’s most thought-provoking trends.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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