According to Dune data cited by Lookonchain, Pump.fun's dominance is being challenged by new platforms such as Letsbonk.fun, Believe, and LaunchLab. Among the daily "graduation" tokens in the current market, Pump.fun has decreased from over 98% to 57.5%. Letsbonk.fun accounts for 17.9%, Believe for 12.9%, and LaunchLab for 5%. The most popular recent memes (LAUNCHCOIN, GOONC, DUPE, Hosico, etc.) have been launched on Letsbonk.fun or Believe.