BONK Surpasses Pump.fun in Solana Bond Volume: A Structural Shift

In a notable development within the Solana blockchain ecosystem, the memecoin BONK has overtaken Pump.fun in daily bonded Solana (SOL) token volume for the first time. This shift, which occurred on July 6, 2025, signals a potential change in the dynamics of Solana's memecoin economy, which now accounts for roughly 20% of the total $54 billion memecoin market cap, amounting to $11 billion in combined value.

The rise of BONK comes in the wake of Pump.fun's explosive launch in January 2024, during which it garnered significant attention and revenue, reaching over $368 million and surpassing $700 million by year-end. Pump.fun utilized bonding curves that required users to lock SOL to mint its tokens, driving prices upward as demand surged. However, recent data indicates a decline in Pump.fun's daily trading volume, dropping to approximately $150 million from a yearly average of $400 million.

According to a report by DeFiLlama, BONK-linked platforms have now captured 53.2% of bonded activity on Solana. This increase in BONK's performance is underscored by a significant rise in Total Value Locked (TVL), which grew from around $8 million in early May to $11.98 million by July 6, marking a nearly 50% increase in just two months.

This transition suggests that traders may be shifting their liquidity towards platforms with more sustainable and structurally sound economic models, such as those associated with BONK. The increasing TVL of BONK Staked SOL indicates a long-term commitment from users, contrasting with the short-lived hype often seen with other memecoins.

Dr. Emily Thompson, a blockchain economist at Stanford University, explained that this change could indicate a maturation of Solana's memecoin economy. "The fact that BONK is attracting a more stable investment suggests that the community is beginning to prioritize sustainability over short-term gains," she stated in a recent interview.

Industry insights from Jason Lee, CEO of CryptoGrowth Analytics, further support this view. "The memecoin market is notorious for its volatility, but BONK's recent performance shows that there's a growing appetite among investors for projects with longevity and real utility in the ecosystem," he remarked.

The implications of this shift are significant. If BONK continues to gain traction, it may lead the memecoin market on Solana through the third quarter of 2025. This could not only redefine the competitive landscape among Solana's tokens but may also influence broader trends in decentralized finance (DeFi) on the platform.

In conclusion, the recent surpassing of Pump.fun by BONK in bonded SOL volume is more than a fleeting moment of market fluctuation. It reflects a deeper structural shift in Solana’s memecoin economy, highlighting a potential transition towards more reliable and committed investment strategies among traders. Observers will be closely monitoring the situation to determine if this trend continues and what it might mean for the future of memecoins within the Solana ecosystem.