The bull market is coming back quickly, and the fastest returning sector is the Meme sector.

The bull market is coming back quickly, and the fastest returning sector is the Meme sector.

There have been a lot of golden dogs on the chain recently, and it seems that the lively mood of beating the dogs has returned.

However, in the on-chain meme space, unlike the previous round where Pump.fun was the only one dominating, there are more challengers to Pump.fun in the current version, trying to shake its position as the dominant meme launcher.

After all, it is a very lucrative business for the platform to make money from the transaction fees by posting memes every day. So you can see that various launchpads have appeared in large numbers recently, and on each launchpad, there are golden dogs trying to attract the limited attention of the stock market.

In this environment, two platforms began to release memes with the same name. For example, today a token with the same name $GLONK appeared on letsBONK.fun (hereinafter referred to as Bonk.fun) and Pump.fun, and both platforms fully supported their respective versions.

Bonk.fun is jointly incubated by Raydium and the Bonk community. Raydium provides technical support for Bonk.fun through its LaunchLab platform; while the Bonk community relies on the influence of its meme token $BONK to provide a basic foundation for Bonk.fun.

This is clearly a strong competitor to Pump.fun.

On the surface, this is a battle for tokens, with players betting on which Glonk will win; but in fact, it is an infrastructure war for the Solana ecosystem, which not only concerns the platform's technical strength, community support and development prospects, but also the real platform income and benefits.

Tokens represent popularity and attention. Competition among high-end platforms often takes the form of a horse race over the price of a certain token.

The same currency competes with the founders in the air

Judging from the current situation, $GLONK on Bonk.fun seems to be better.

As of press time, the market value of the Bonk.fun version of $GLONK is around US$16.5 million, while that of Pump.fun is US$4.4 million; the Bonk.fun version of $GLONK is also leading in terms of trading volume and liquidity.

Behind the price fluctuations of $GLONK tokens is a fierce confrontation between the founders of Bonk.fun and Pump.fun.

Although not in direct confrontation, Bonk.fun developer SolportTom (@SolportTom) and Pump.fun's Alon (@a1lon9) have both been vocal in their support for their respective platforms.

Tom posted that everyone should support Bonk.fun; and 2 minutes later Alon also posted a similar sentence "SEND THE OG.", implying that Pump.fun was the old OG who launched the meme. The direction and implication are self-evident.

What’s even more exciting is that both parties gradually made their intentions clear and named each other, saying that the $GLONK on their own platforms is the best solution.

Tom believes that the market has made its choice and the price of GLONK tokens speaks for itself. He directly @Alon:

"The market cap of the token on Bonk.fun is $3 billion, while the market cap on Pump.fun is only $170,000, but someone posted something saying 'support the OG version', which I think is very low-class."

Alon believes that the price performance does not explain the problem. Pump.fun has its own proud grassroots culture and community spirit; the rise in token prices on Bonk.fun is more like the behavior of a conspiracy group.

This "war of words" had a significant impact on market sentiment. After Alon's "OG" speech was released at 00:15, the market value of the Pump.fun version of $GLONK rose from $7.8 million to $13.4 million, showing its short-term boost to market sentiment.

However, the market cap of the Bonk.fun version rebounded to $16.5 million in the following 10 hours, while the Pump.fun version fell to $4.4 million, indicating that the market ultimately favored the Bonk.fun version.

Earlier, the official account of Pump.fun had blocked Tom, the developer of Bonk.fun, which also highlighted the tense competitive situation.

At present, it seems that $GLONK on Bonk.fun has indeed won, but the victory of a single token may not fully explain the problem. The competitive advantages of each platform and the means of attracting users are the key.

Form alliances and strike back

Today’s data shows that the number of graduated tokens on Raydium’s LaunchLab (mainly the Bonk.fun launch