Memecoin launchpads are entering a new phase. Not only are more platforms entering the arena, but user behavior is also shifting toward more systematized, volume-driven token launch strategies. These new dynamics raise questions about what it now takes for launchpads to reach escape velocity.

LetsBonk

Since its launch in January 2024, Pump.fun has dominated Solana’s memecoin launchpad space. But that dominance is now being challenged. New players like Letsbonk, Moonshot and Jupiter Studio have entered the scene in recent months, introducing new dynamics to what was once a more oligopolistic, green-field market structure.Today marks a key turning point: Pump.fun has been overtaken for the first time in daily token launches, with LetsBonk accounting for 61% of all daily new memecoins launched on Solana.Below shows the relative share of the daily number of tokens launched since the start of the year.

Initial platform traction

With so many new platforms launching in a more crowded landscape, the real differentiator is not simply launching but achieving sustaining momentum post-launch.

Looking at launchpads that managed to have sustained success, we see a consistent pattern made up of three distinct launches:

• Surge - Spike in daily token launches driven by initial hype or platform debut.
• Cooldown - Drop-off as early excitement fades.
• Recovery - Stabilization and gradual rebound as core user base forms on the platform.

The exhibits below show this trend across Pump.Fun, LetsBonk, and LaunchLabs, all of which successfully moved through these three stages. The initial surge in the case of LetsBonk and LaunchLabs happened a few days after launch. In the case of Pump.Fun, this took a little bit over a month as memecoin launchpads still had to catch on as a concept.

Based on the three examples above, we observe that the recovery phase tends to occur relatively quickly, in this case within 10 to 25 days after the initial surge. This tells us that timing is critical: the recovery must happen before the initial hype and excitement around a platform launch fully dissipates.The recovery was often catalyzed by targeted actions, ranging from incentive schemes and leaderboard resets to feature rollouts and renewed community campaigns, to sustain attention and reaccelerate traction.

The most recent launches, Moonshot (27 June) and Jupiter Studio (3 July), are now one to two weeks post-launch. Both have already progressed through an initial surge followed by a cooldown, as you can see below. 

Based on observations on the traction of previous memecoin launchpads, the next few weeks will be critical for both Moonshot and Jupiter Studio in order to establish a baseline community, build a network effect, and reach escape velocity.

Changing user base

The memecoin launchpad landscape is becoming more crowded and competitive. Users are increasingly selective, attention is fragmented, and virality is harder to sustain. At the same time, the user base is shifting.

Token launches are becoming more concentrated among a small set of high-frequency wallets, suggesting a pickup of a more systematized, volume-driven approach aimed at maximizing chances of hitting a "graduated" token.

On Pump.Fun, ~245 wallets launched at least one token per day last week, with the top address launching 293 tokens. LetsBonk saw ~230 such wallets, with the most active launching 183 tokens.

With memecoin launch activity increasingly driven by a concentrated group of hyper-active participants, the question is whether this reshapes the dynamics of achieving escape velocity for new entrants like Moonshot and Jupiter Studio. Time will tell.