BONK Rising: While Others Chase Hype, the Meme Coin Builds
With 20% of the $54 billion memecoin market capitalization and a combined value of $11 billion, Solana’s memecoin ecosystem is rapidly gaining popularity. Indeed, while Pump.fun’s rapid launch cycles have attracted attention, and the data indicates a deeper structural change beneath the surface.
In the midst of all the excitement, Bonk is quietly strengthening its hold on the environment. While everyone is chasing rapid growth, BONK seems to be slowly emerging as the backbone of Solana’s meme economy. But is that really the case?
Pump.fun Volume Drops as BONK Dominates Solana’s Bonded Activity
Launched in January 2024, Pump.fun revolutionized the process of creating tokens on Solana. It generated $368 million in sales in just one year, and by the end of the year, its total revenue had topped $700 million. However, as the graph above demonstrates, Pump.fun’s daily volume fell sharply, from an annual average of $400 million to an average of about $150 million per day.
For the first time in the platform’s history, BONK-linked platforms have surpassed Pump.fun in daily bonded SOL, accounting for 53.2% of bonded activity. This discrepancy is instructive. As Solana‘s memecoin economy matures, traders seem to be moving liquidity to structurally stickier protocols like BONK-linked platforms.
DeFiLlama Data Confirms BONK’s Dominance in SOL-Bonded Activity
For measuring the SOL-bonded activity of BONK, the TVL of Bonk Staked SOL is the most accurate metric. According to DeFiLlama data, the same amount was $11.98 million on July 6th, up from about $8 million in early May. In just two months, that is an almost 50% increase.
This figure demonstrates genuine dedication, SOL that is long-term tied into BONK’s ecology, in contrast to transient buzz cycles. Therefore, it is not a coincidence that BONK flipped Pump.fun in bonded token volume for the first time ever. Rather, it indicates a change in structure.
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