Memecoin leadership shifts on Solana

Bonk_fun cools off while Pump.fun reasserts control in Solana memecoin space, signaling a shift in trader sentiment.

Bonk_fun loses momentum as Pump.fun regains market leadership

Bonk_fun cooled in August after a July surge as Pump.fun reclaimed leadership on Solana’s memecoin launchpad. On August 6, Pump.fun led the 24‑hour trading volume with about $100.7 million, while BONK_fun recorded around $70.6 million. That same day, Pump.fun issued 16,000 tokens compared with BONK_fun’s 11,400, signaling a shift in token supply dynamics.

A $33 million PUMP buyback sparked a 20% price jump for Pump.fun, helping it claim about 90% of Solana’s memecoin launchpad volume, while BONK_fun slipped to fourth with roughly 0.74% market share. The broader market remains bearish for BONK, with price dipping toward new lows and a lack of sustained accumulation. In response, BONK_fun is rolling out a Points Tab to reward trader drops and boost engagement, in an effort to reclaim volume without addressing the underlying liquidity drain.

This episode shows how quickly market leadership can swing in Solana's memecoin space. Dominance is now decided by liquidity a few sharp moves away rather than by hype alone. The July spike gave BONK_fun a moment in the sun, but July’s gains did not translate into lasting demand, leaving the door open for a liquidity‑driven rebound by Pump.fun.

The Points Tab idea is a credible attempt to rebuild engagement, yet it faces a hard test. If investors remain focused on liquidity and price action rather than announcements, BONK_fun will need more than a gimmick to sustain a comeback. The broader risk is clear: retail traders chasing quick pumps may see volatile swings without durable volume or robust on‑chain activity. In this landscape, market structure matters as much as momentum.

Highlights

The next move may hinge on liquidity rather than headlines.