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- BONK has lost 50% of its value in under a month, breaking its bullish structure.
- Pump.fun now controls 90% of Solana’s memecoin launchpad volume.
- Bonk_fun’s new Points Tab aims to regain traders but faces stiff competition.
After an explosive 80% surge in July, BONK’s rally has quickly unraveled. The Solana-based memecoin has lost 13% this month, surrendering its $2 trillion market cap and halving in value to $0.000020. With its relative strength index (RSI) peaking and price action posting a fourth consecutive lower low, BONK’s structure looks increasingly bearish.
Sentiment Shifts Away From BONK
What appeared to be a technical reset has instead turned into a steep correction. Traders who rushed in during July’s frenzy are now taking profits, leaving BONK exposed to thin buy-side liquidity. Unlike Dogecoin (DOGE), which managed a modest 4% gain in August, BONK’s decline highlights waning investor conviction and fading hype.
The sell-off signals more than just a temporary dip. It reflects a broader sentiment shift as traders reassess BONK’s staying power in a competitive memecoin market.
Pump.fun Takes Back Market Share
One key reason behind BONK’s slump is the resurgence of Pump.fun. Once overtaken by Bonk_fun in 2023, Pump.fun is now back on top. On August 6, Pump.fun recorded $100.7 million in trading volume compared to Bonk_fun’s $70.6 million, while launching 16,000 tokens in a single day—far outpacing Bonk_fun’s 11,400.
A $33 million PUMP buyback also triggered a sharp 20% rally, further cementing Pump.fun’s momentum. Today, it controls 90% of Solana’s memecoin launchpad volume, while Bonk_fun has slipped to just 0.74%, marking a major reversal of fortunes.
over the past week, pump fun purchased ~$8,424,541 in $PUMP tokens, which equates to 97.29% of total revenue for that period (Aug 5-Aug 11)
— pump.fun (@pumpdotfun) August 12, 2025
to date, pump fun has purchased a total of $33,137,224 of $PUMP tokens, offsetting 0.729% of the total supply pic.twitter.com/zMl7Szxq1Z
Bonk_fun’s Countermove: Points Tab
In response, Bonk_fun is introducing a new Points Tab to reward participation and incentivize token drops. While this could re-engage traders, early signs suggest the feature has not yet shifted market dynamics. Pump.fun continues to dominate liquidity flows, leaving BONK without the structural support needed to sustain a recovery.
Without renewed accumulation, BONK’s decline looks less like a healthy correction and more like a fading trend. Unless Bonk_fun’s strategy successfully regains traction, BONK risks further erosion of its July gains.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: Nasdaq Firm Tanks 50% on Shock $25M BONK Treasury Move
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