The cryptocurrency memecoin BONK has experienced a dramatic decline, dropping 13% this August after reaching a record high of $0.000040 in July. Analysts attribute this shift to the rise of Pump.fun on Solana’s launchpad, which now holds over 91% market share. Despite Bonk_fun’s attempts to rekindle interest with its new Points Tab rewards system, liquidity remains predominantly tied to Pump.fun. This loss of momentum for BONK follows a sharp reversal after its July rally, which saw the token gain 80%. While investors may have initially been drawn to this surge in early FOMO (fear of missing out), the current market trend reflects a shift toward caution as sellers outweigh bullish sentiment. The change in market leadership on Solana’s launchpad is further fueled by the significant volume and increased trader participation associated with Pump.fun’s platform, which has now surpassed Bonk_fun. 20% buyback from Pump.fun boosted their token price, contributing to this rapid shift in market dynamics. Developers behind BONK are exploring solutions like a Points Tab reward system aimed at revitalizing trading activity, but the current lack of strong market support for BONK indicates its continued struggle to retain relevance.