Latest news with #Adam_Tehc
Yahoo
7 days ago
- Business
- Yahoo
Pump.fun memecoin dominance plummets as rival projects lure traders
memecoin dominance is cracking amid rising competition and diminishing interest in industry joke coins. The controversial token generator, that has made almost $780 million, in fees since its launch in January 2024 accounted for less than half of all new memecoins on the Solana blockchain in the last 24 hours. It's a notable break from dominance of the Solana memecoin market, which was as high as 90%, in terms of tokens created daily, just two months ago Instead, LetsBonk has become the new power player with more launches, and seemingly more momentum. LetsBonk accounted for 18,620 token launches in the last 24 hours, according to a Dune dashboard by the analyst who goes by Adam_Tehc. That's more than twice the number managed on and the first time another platform has outpaced in a single day. The results aren't just about the number of tokens launched in a single day. LetsBonk tokens were more successful than their counterparts in another key metric: the number of memecoins that graduated. On token generators like and LetsBonk, a newly launched memecoin graduates when it raises enough Solana 2coins on its bonding curve to be listed on a decentralised exchange like Raydium. In the memecoin world, graduating could mean visibility to traders and possibly virality. Competition among these token launchpads has grown even fiercer as Solana's memecoin mania has cooled. Memecoins peaked as a crypto market segment at $127 billion in December but have since slumped to $56 billion. What's driving the rise of LetsBonk? The platform reinvests half of the fees earned to buy Bonk, a $1.7 billion Solana-based memecoin. Data from the platform's website shows $5.3 million worth of Solana has been used to buy back Bonk. Meanwhile, routinely sells off the Solana coins earned from fees without any investment in its community. The stakes for couldn't be higher, especially amid reports of a $1 billion initial coin offering, or ICO. hasn't publicly confirmed the ICO. Despite losing its position as the largest token launcher on Solana, remains the most popular memecoin generator. The platform attracted almost three times as many users as LetsBonk in the last 24 hours.
Yahoo
7 days ago
- Business
- Yahoo
Pump.fun aims to sell $1bn worth of tokens in ICO
the token vending machine that drove Solana's chaotic memecoin spring, is taking a page out of its own playbook: go viral and then monetise. On Wednesday, the controversial memecoin generator, which has earned more than $780 million in fees, announced its initial coin offering, or ICO, after weeks of speculation about a possible token generation that could happen either via an airdrop or a public sale. 'Our plan is to Kill Facebook, TikTok, and Twitch. On Solana,' said on X. The ICO announcement highlights how token sales are poised to make a return in 2025 after slowly fading after their 2017 and 2018 heydays when some 2,000 projects raked in over $13 billion through ICOs. They fell out of fashion as about a tenth of the money raised was lost to scams, according to Statis Group. Dozens of enforcement actions followed. ICO token sale will happen on July 12, with 330 billion tokens out of the 1 trillion total supply available to investors. Each token will be sold at $0.004, putting the targeted raise over $1 billion. Institutional purchasers will be allocated 180 billion tokens, while the remaining 150 million will go to public sale purchasers. Investors from the UK and the US are not allowed to participate in the ICO, according to the announcement. 'We're building to replace existing social platforms with one that gives instead of takes,' the memecoin generator said on X. Many aren't buying the narrative. Some detractors reacted to the announcement by saying that extracts far more than it gives, and turns low-effort joke coins into fee machines while investors are left in the lurch holding worthless tokens that crater in short order. 'Remember the word after Pump is Dump,' Adam Cochran, a crypto influencer, chimed in on X. ICO comes at a time when the once raucous gold rush for memecoins is at a low ebb. Since peaking at $127 billion in December, the market segment has since slumped to $56 billion. The decline has happened amid mounting controversy over failed memecoins and platforms like that allow them to be created en masse. But dwindling fervour for memecoins isn't only headache. The platform has lost its shine in recent weeks to a new rival. LetsBonk, another memecoin generator, has become the new power player in the sector. LetsBonk now hosts twice as many token launches each day compared to according to data from this Dune dashboard by the crypto analyst who goes by Adam_Tehc. LetsBonk give-back model has also helped the platform's rise as it reinvests half of its fee earnings to buy Bonk, a $1.5 billion Solana-based memecoin. The platform has spent more than $7 million worth of Solana to buy Bonk, according to details from its website. Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
