Pump.fun’s Solana Meme Coin Comeback

As of Wednesday, tokens originating from Pump.fun are experiencing an upward trend, gaining 8% according to CoinGecko data. The launchpad has successfully regained market dominance, surpassing LetsBonk for the past week.

This positive momentum follows an investment of nearly $1.7 million into the Pump.fun ecosystem over the last five days. This infusion of capital comes through an initiative dubbed the Glass Full Foundation, although it’s unclear if it’s simply a program or the establishment of a new corporate structure.

Fartcoin, the largest token launched on Pump.fun by a significant margin, is up a remarkable 15% today, achieving a market capitalization of $1.08 billion. For comparison, Peanut the Squirrel, the second-largest token on the platform, is up 4.7% to $263 million – making Fartcoin more than triple its size.

However, the native Pump.fun token, PUMP, overtook Fartcoin’s market cap on Sunday after rising almost 12% for the week. PUMP’s market cap is currently $1.3 billion—20% above Fartcoin. Predictions from Myriad Markets suggest that PUMP will almost certainly finish the day with a higher market cap than Fartcoin, a significant shift from last week when 79% of users predicted Fartcoin would prevail.

(Disclosure: Myriad is a prediction market developed by Decrypt’s parent company DASTAN.)

The price of PUMP initially plummeted following its token generation event, as traders moved to competing launchpads like LetsBonk. However, the platform has recovered lost ground, partly due to token buybacks and the Glass Full Foundation.

The Glass Full Foundation seeks to inject significant liquidity into tokens within the Pump.fun ecosystem, focusing specifically on those with dedicated communities. Since its launch on Friday, the Foundation has invested nearly $1.7 million into various Pump.fun tokens, according to Dune data.

One notable success story linked to the Foundation’s efforts is The Spirit of Gambling token, also known as Tokabu. Over the weekend, it surged over 100%, growing from a $36.5 million to a $73.5 million market cap. Although it has since fallen 37% to $46 million, the Foundation’s investment remains profitable.

Furthermore, there’s been a clear shift in the approach of the Pump.fun X (formerly Twitter) account. It has begun openly supporting tokens created on its platform, through original memes, artist-commissioned posts, and reposts.

These changes appear to be a direct response to LetsBonk’s recent gain in market share over the past month. For example, 1% of all revenue generated by LetsBonk was reinvested into the platform’s top performing coins. Additionally, BONK contributors were publicly supportive of projects launched on the platform.

Pump.fun accounted for 71% of all Solana token launches on Tuesday, showing a significant increase from 14.8% earlier in the month.

Other Pump.fun tokens that have risen in value over the past 24 hours include FRIC, which has jumped 45%, Butthole Coin, up 27.6%, and viral banana artwork coin Comedian, up 24.3%. Conversely, some well-known projects are experiencing losses, including vintage meme Troll, declining 15%, Pump.fun mascot Cupsey, down 14%, and absurdist meme Chill House, falling 9%.

With renewed interest in the token launchpad, the price of PUMP briefly reached its initial coin offering price of $0.004 on Wednesday.