PumpSwap, the decentralized exchange (DEX) launched by Pump.fun, has achieved a notable milestone by amassing $100 million in total value locked (TVL) just 50 days after its debut. This rapid growth highlights a strong resurgence in memecoin trading within the Solana ecosystem. Community activity and liquidity on Solana have increased as retail traders flock to the platform, driven by speculative interest in new memecoins graduating from Pump.fun’s launchpad.
Data reveals PumpSwap’s cumulative trading volume has exceeded $18 billion, with daily volumes rarely falling below $500 million in May, and a peak of nearly 500,000 daily active wallets. This surge follows a period of sector stagnation in early 2025, but market appetite for memecoins has revived, with top tokens like PENGU and PEPE posting double-digit gains.
The current boom is primarily attributed to retail users, with little evidence of new institutional or major DeFi protocol participation. While the event has energized the Solana-based memecoin space, it also recalls past altcoin booms where rapid inflows led to short-term spikes and eventual market corrections. Most Pump.fun memecoin launches reportedly fail, yet user engagement and inflows remain high, suggesting a persistent speculative appetite despite associated risks.