Solana's Pump.fun Platform Sees Meme Coin Frenzy in December 2025, Signaling Potential Market Shift

The meme coin market on Solana is experiencing a significant resurgence in early December 2025, primarily driven by the launchpad platform Pump.fun. Data from analytics platform Dune reveals that the daily creation of new meme tokens on Pump.fun has consistently stayed above 20,000 throughout the month, with a peak exceeding 25,000 new tokens on December 2nd. This marks the highest level of activity since mid-September and is interpreted by many traders as a potential return of the 'meme season'.

The surge in activity has profound implications for the Solana network. Pump.fun, which facilitates meme coin deployments with subsequent liquidity migration to decentralized exchanges (DEXs) like Raydium, reportedly accounted for over 50% of all Solana DEX transactions in December 2025. This has led to heightened network utilization and reinforces Solana's status as a primary venue for speculative crypto trading.

Economically, the platform demonstrated its earning potential earlier in the year. On January 2, 2025, Pump.fun generated a staggering over $14 million in daily revenue, a milestone highlighted by Binance Square. While current revenue and DEX volume remain down more than 80% from those early-2025 peaks, the recent uptick in token creation suggests renewed speculative interest.

User engagement metrics provide further context. The number of active addresses on Pump.fun has maintained a steady average of around 100,000 since August, showing resilience despite market volatility. Notably, analyst Michael Nadeau of The DeFi Report highlighted that Pump.fun's user retention rates outperform typical Web2 applications, with 12.4% retention in Week 4 and 11.4% in Week 8, compared to Web2 averages of 5-10% and 2-5%, respectively.

Market observers are connecting this activity to broader sentiment shifts. Well-known trader Daan Crypto Trades noted that 'memes were the outperformer for a change' over the past two weeks, after a long period of underperformance. He suggested this could be an early sign of the market accepting higher risk levels, though cautioned the trend might be short-lived. The Pump.fun Ecosystem ranked as the third-best performing market category in the first week of December according to Coingecko, underscoring its current relevance.