After a massive 80% rally in July, the memecoin BONK is experiencing a significant downturn, dropping 13% over the past month and losing its $2 trillion market cap. The price has fallen 50% from its recent peak, hitting new lows and signaling a bearish market trend rather than a temporary “buy the dip” opportunity.
This shift isn’t just a technical correction; it’s a change in investor sentiment, as FOMO (fear of missing out) gives way to profit-taking. The primary reason for this decline appears to be the loss of market share by BONK_fun, BONK’s related launchpad platform.
According to the article, Pump.fun has been regaining control of the memecoin launchpad market on Solana. On August 6, Pump.fun surpassed BONK_fun in 24-hour trading volume, launching a higher number of tokens and sparking a significant rally in its own token, PUMP. As a result, Pump.fun now commands 90% of the market, while BONK_fun’s share has plummeted.
Traders are rotating their funds and attention back to Pump.fun for new token drops, which directly impacts the liquidity and demand for BONK. While BONK_fun is attempting to fight back by introducing a new “Points Tab” to boost engagement, this effort has yet to reverse the trend.
August 2025, Cryptoniteuae
