Abstract

• Product Design: Pump.fun’s token page offers richer information, including basic trading functions, K-line charts, a story background section, and a message board, enabling deeper interaction between users and token project teams. To accelerate token promotion, Pump.fun introduced a live streaming channel, serving as a bridge for communication between project teams and users, further enhancing interactivity. In contrast, Letsbonk.fun, still in its early stages, has not yet developed complex interactive features, resulting in simpler product functionality and weaker overall user experience and interactivity.

• Meme Narrative: Pump.fun’s narratives are categorized into four main types: AI Meme, Zoo Meme, Artwork Meme, and AI Agent, offering relatively diverse narratives. Letsbonk.fun’s meme narratives primarily focus on traditional zoo narratives, with limited exploration of AI, artwork, or celebrity-related themes.

• Trading Mechanism and Liquidity: In terms of trading models, Pump.fun’s Bonding Curve model has become a standard paradigm for one-click token issuance platforms, and Letsbonk.fun has adopted the same model. Notably, Wintermute, a market maker, appears among the top ten holders of several hundred-fold tokens on Pump.fun, while no market maker addresses are found among the mainstream memecoin holders on Letsbonk.fun. From the perspective of institutional capital, Pump.fun holds a clear advantage over Letsbonk.fun.

• Community Operations and Social Media Sentiment: In terms of social media sentiment, Letsbonk.fun enjoys a relatively favorable position. In January 2025, Pump.fun’s on-chain address transferred 90,000 SOL to the centralized exchange Kraken and sold the SOL. Meanwhile, Letsbonk.fun announced an incentive plan for memecoin project teams upon its launch, including a $10,000 incentive program co-launched with BonkAI.

• Conclusion: Letsbonk.fun has emerged as Pump.fun’s biggest challenger in the memecoin issuance ecosystem, with each platform leveraging distinct resource endowments. Pump.fun is driven by technology and capital, using strong coding capabilities to lower the barrier for project teams to issue tokens, reflecting a top-down strategic approach. In contrast, Letsbonk.fun’s BONK token has become one of Solana’s iconic memecoins, and the team, with extensive community operation experience, built a one-click token issuance platform from the ground up, embodying a typical bottom-up strategic mindset.

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