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- Over 800,000 tokens launched on Let’s BONK, but very few make it to graduation.
- While launches remain high, total market cap on Let’s BONK has steadily declined.
The number of tokens launched through the Let’s BONK platform has now surpassed 800,000, according to Dune. Yes, that’s right—800,342 tokens, to be exact. That’s no small number and clearly demonstrates the extraordinary activity in recent months. However, the total market cap of all tokens launched is actually showing a declining trend.
From Quantity to Quality: Token Winners Stand Out
As we previously reported, Let’s BONK’s market cap reached a peak of around $1 billion at the end of July. However, its value has now dropped drastically to $598 million.
At first glance, this might seem like the market is getting bored. But wait, because behind this downward trend, there are interesting movements that actually reveal another side of the dynamics of projects in the ecosystem.
One example is the surge in the average market cap per token. Its value has skyrocketed from just around $25,000 in early July to over $231,000 now. What does it mean? While many tokens haven’t gone anywhere, a small number have managed to capture attention and attract more focused funding. Perhaps we could call this the “survival of the fittest” effect in the token world.
BONK Community Grows as Token Launches Slow Down
In the past week alone, 30,201 new tokens were launched on Let’s BONK. But only 430 successfully “graduated”—whether that means being listed, passing community selection, or having real trading volume. This reinforces the same pattern: many try, very few truly survive. In fact, in the past three days, only 82 tokens have graduated, out of 5,309 launched.
The daily chart also shows how peak activity occurred between early and mid-July. At that time, daily token launches reached 25,000. But since early August, launch volume has dropped sharply. Despite this, the accumulated launch line continues to rise. Activity clearly hasn’t died down, it’s just not as intense as it was last month.
On the other hand, the BONK community, a vital part of Let’s BONK, is actually experiencing quite strong growth. According to a report from CNF, BONK secured the first public validator in a partnership between a publicly traded company and a memecoin project on the Solana network at the end of July.
This validator offers an APY of 7.65% and splits its proceeds between the DFDV treasury and BONK token burns—a strategy that has garnered considerable attention.
Furthermore, BONK has also seen rapid community growth, sadding over 132,000 new holders in the past 90 days. Currently, the total number of unique holders has reached 968,021. This indicates that despite the market correction, enthusiasm for BONK has not completely subsided.
However, the token’s price is also experiencing unfavorable conditions. At the time of writing, BONK is changing hands at about $0.00002439, down more than 12% in the past 24 hours. This decline is related to the major crypto market correction after the market cap failed to maintain its position above $4 trillion.