Looking at the memecoin launchpad landscape, market concentration is pretty striking. PumpFun dominates with nearly 64% of the market, basically owning the space right now. The rest are fighting for crumbs — Bags pulls in 17.3%, Meteora DBC sits at 10.2%, LetsBonkFun captures 5.45%, and MetaDao rounds out the top five with less than 1%.

What's interesting is how much power is consolidated in one platform. PumpFun's grip on the memecoin launch ecosystem means most of the volume, fees, and user activity flow through a single gatekeeper. For traders and projects, it's essentially the default choice. Whether that concentration stays this way or whether challengers eventually chip away at the dominance will be worth watching — especially as more launchpad competitors emerge in the space.