Viewpoint: Pump.fun's TGE is beneficial for Bonk and its ecosystem
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Viewpoint: Pump.fun's TGE is beneficial for Bonk and its ecosystem
It's becoming increasingly clear that the real $PUMP TGE play right now is actually in $BONK and the BonkFun ecosystem...
Navigating Web3 tides with focused insightsAuthor: Unipcs (aka 'Bonk Guy')
Compiled by: TechFlow
Recently, many people have been asking me about Pump.fun's TGE (Token Generation Event) and its $PUMP token.
Given that this is one of the most anticipated TGEs in recent times—and given how frequently it’s now being compared to BonkFun, especially since BonkFun overtook Pump.fun—I feel it’s important to organize my current thoughts.
Here’s what I currently know about the $PUMP token:
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They reportedly raised $1 billion at a $4 billion valuation.
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Prediction markets and OTC trading suggest a post-TGE valuation between $7 billion and $8 billion, with some institutions even projecting up to $10 billion.
So, what does this mean for $BONK, the BonkFun ecosystem, and more broadly, for the trenches (grassroots users) and the meme coin market?
I previously made comments on X stating that a $4 billion valuation for $PUMP seemed easily justifiable.
I also said it could comfortably rank among the top 10–15 crypto projects.
These views were based on comparing Pump.fun’s historical and projected revenue against valuations of other crypto projects.
However, at the time, I didn’t anticipate how quickly and decisively BonkFun would surpass Pump.fun.
With that said, here are my updated thoughts:
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I don’t believe Pump.fun is completely out of the game, but I do believe BonkFun is likely to maintain industry leadership in the foreseeable future.
Here’s why:
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BonkFun’s alignment with “supporting creators, supporting users, supporting the Solana ecosystem” is a massive strategic advantage.
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The strong culture of support within the BONK ecosystem has begun to extend naturally to tokens launched via BonkFun—an organic cultural strength that’s difficult for others to replicate quickly.
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Pump.fun had tremendous momentum as a tokenless protocol, especially amid expectations around TGE and potential airdrops. However, it was overtaken by BonkFun in the days or weeks leading up to the TGE. It seems unlikely it can sustainably reclaim that market share post-TGE.
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While all launch platforms struggle with bots, I believe a significant portion of activity on Pump.fun comes from active power users and bots aiming to profit-trade ahead of an airdrop. After all, Pump.fun was once the most profitable protocol in crypto—a dynamic we should expect under such incentives. But I believe this activity will slow down or stop entirely post-TGE, once the incentive disappears.
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This makes BonkFun’s growth even more impressive—its rise has been entirely organic, driven by deep integration with the Solana ecosystem, without any promise or expectation of a new token or direct user incentives. Remember, the $BONK token existed before BonkFun launched, and it was always clear that platform fees would go toward buying back and burning $BONK.
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Notably, much of BonkFun’s growth stems from rapid global adoption and strong cultural ties with key communities. For example, widespread acceptance in China has made it the leading launchpad in that region, driving massive user inflows to Solana and enabling a record number of token launches—far exceeding any other blockchain. This is one of BonkFun’s core strengths and a key area of sustained growth—one that many may still underestimate.
And this doesn’t even account for potential strategic moves BonkFun might make in the future.
Overall, I believe BonkFun has strategically positioned itself for long-term dominance in the launchpad space, assuming continued execution.
I acknowledge Pump.fun might release some exciting announcements before its TGE in an attempt to regain market share… but even if they do, I expect the impact to be short-lived.
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The PUMP TGE is actually a bullish catalyst for $BONK, BonkFun, and the broader BonkFun ecosystem.
Many have claimed the upcoming $PUMP TGE will drain liquidity from the trenches, top meme coins, and the BonkFun ecosystem.
If the TGE had happened 1–2 weeks ago, that argument might have held water—but I don’t think so anymore.
The fact that BonkFun decisively overtook Pump.fun so close to the TGE dampens speculative frenzy around $PUMP and prevents a mass exodus of liquidity from meme coins and grassroots capital. In today’s context, selling high-conviction assets en masse to chase $PUMP simply doesn’t make sense.
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It’s becoming increasingly clear that the real $PUMP TGE play is actually $BONK and the BonkFun ecosystem…
While $PUMP’s tokenomics remain highly opaque and we know very little about the final model, here’s what we *do* know:
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50% of BonkFun’s fees are used to buy and burn $BONK.
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In total, 58% of BonkFun’s fees are directed toward purchasing $BONK in some form.
I can’t predict what $PUMP’s final token model will look like, but I struggle to imagine how it could be more compelling than BonkFun’s current setup.
Especially considering that Pump.fun raised $1 billion at a $4 billion valuation while already being an extremely profitable business—earning nearly $1 billion over the past year and a half!
Therefore, I believe the real $PUMP TGE trade is $BONK and the BonkFun ecosystem:
If $PUMP raises funds at a $4 billion valuation and third parties value it as high as $10 billion, then given $BONK’s recent market dominance and its potential for sustained leadership, what should $BONK be worth?
More importantly, BonkFun is just one of many ecosystem products that are collectively increasing buy pressure and burn mechanisms for $BONK.
At its current $1.8 billion market cap, $BONK is clearly undervalued.
If I were an objective investor, I’d argue that buying $BONK at a $1.8 billion market cap offers far better risk-reward than buying into $PUMP at a $4 billion+ valuation.
I also expect the BonkFun ecosystem to attract strong buying interest and rapidly reprice upward under current conditions.
Moreover, this doesn’t even factor in the possibility that Pump.fun could lose further momentum and market share post-TGE, widening the gap with BonkFun even more.
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BonkFun’s continued dominance is great news for the meme coin market and the trench ecosystem.
One major reason industry participants strongly favor BonkFun over Pump.fun is the perception that Pump.fun has been overly “extractive.”
This reputation stems largely from their sale of large amounts of $SOL—which continues to this day, totaling hundreds of millions of dollars.
Meme coin success and on-chain activity are closely tied to the price performance of native blockchain tokens—like $SOL on Solana.
If $SOL’s price continues to rise or remains relatively stable, it positively impacts the trench ecosystem and on-chain engagement, encouraging more participation in the meme coin “casino.”
This leads to greater price stability for major meme coins, higher floors for newly launched low-market-cap meme coins, and increased creation of new meme coins and narratives.
In this regard, BonkFun aligns perfectly:
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15% of BonkFun’s fees are staked in $SOL on the BONKSol validator, reducing sell-side pressure on $SOL and contributing to Solana’s network security through substantial validator delegation.
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58% of BonkFun’s fees go toward buying $BONK. Anyone familiar with the meme coin space knows that “dogs move in packs”—a strong, rising flagship meme coin lifts other large-cap meme coins and fuels speculative energy, inspiring new launches and narratives.
Thus, BonkFun reduces $SOL sell pressure while simultaneously pushing $BONK toward extraordinary valuations through aggressive buybacks and burns.
The more this cycle repeats, the more vibrant the trench ecosystem becomes, creating a powerful flywheel effect.
You can call it the “Bonkwheel” or “Bonkcycle”—the name doesn’t matter, but the logic is clear!
I’m not sure how else to put it, but there’s no doubt: BonkFun emerging as the clear, definitive winner is the best possible outcome for the trench ecosystem and meme coin market—even if you don’t hold any tokens within the BonkFun ecosystem.
To wrap up…
BonkFun’s latest success ensures one thing: The much-anticipated $PUMP TGE—once feared as a potential drain on meme coin and trench ecosystem capital—has instead become a potential positive catalyst. Significant capital will flow into $BONK and the BonkFun ecosystem around the TGE, further fueling prosperity across the trench ecosystem.
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@theunipcs
