This Meme Coin Stirred Up the Scene: The Competition Among Giants is Heating Up! - Coin Bulletin

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GLONK token has initiated a new era in the fierce competition of the meme coin market, bringing the founders of the Pump.fun and LetsBONK.fun platforms face to face.

The crypto community experienced great excitement with the recent developments in the meme coin market. The $GLONK token shared by Qwerty on Twitter quickly drew attention, bringing Pump.fun founder a1lon9 face to face with LetsBONK.fun founder SolportTom.

Supporting this competition, SolportTom spent $700 to purchase 246,000 $GLONK with his public wallet. Following this move, the market value of GLONK on LetsBONK.fun quickly reached $17 million. However, the market fluctuated rapidly, and the market value of $GLONK on LetsBONK.fun fell to about $4 million from its peak of $18 million. At the same time, $GLONK on the Pump.fun platform dropped from its peak of $15 million to $816,000.

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The dominance of Pump.fun is at risk

Pump.fun has begun to lose its dominant position in the meme token market due to new players entering the field. Previously holding more than 98% of the daily token market, Pump.fun's share has now decreased to 57.5%. During this period, LetsBONK.fun reached 17.9%, while the Believe platform gained a 12.9% share.

Pump.fun has launched a new model that shares 50% of the fees with its creators to win the competition. LetsBONK.fun announced that it will distribute a special reward of $15,000 this week.

Success in the meme coin market is no longer just about being able to launch a token, but also about managing to build a community, culture, incentives, and attract attention.