PumpSwap, a newly launched decentralized exchange from the team behind memecoin launchpad Pump.fun, has recorded over $10 billion in cumulative trading volume just ten days after going live. The platform’s rapid growth has positioned it as the second-largest DEX on the Solana network by market share, trailing only Raydium, according to data from Dune Analytics.
Launched on March 20, PumpSwap was designed to streamline the post-launch process for memecoins created via Pump.fun, offering direct migration and trading without requiring listings on third-party exchanges. Since its debut, the exchange has processed over 30 million trades, onboarded nearly 700,000 wallets, and generated upwards of $20 million in protocol fees. Liquidity providers have earned more than $5 million during the same period, highlighting the platform’s early traction and user engagement.
On Saturday alone, PumpSwap accounted for 14.5% of Solana’s total DEX volume—still trailing Raydium’s 47.5% dominance, but already surpassing other established players like Meteora and Whirlpool, which held 12% and 13% respectively. These early numbers suggest PumpSwap isn’t just riding the memecoin hype—it may be structurally changing how tokens are launched, traded, and scaled within the Solana network.
Pump.fun’s Rise Meets Cooling Winds as Rival Projects Emerge
While PumpSwap’s explosive debut has redefined the memecoin trading experience on Solana, its parent platform, Pump.fun, appears to be facing early signs of a slowdown. Trading volumes on the launchpad have dipped in recent days, suggesting a broader cooling in the memecoin frenzy that initially propelled both platforms into the spotlight.
Despite the temporary lull, Pump.fun’s team has hinted at plans for a native token launch—a move that could reignite momentum and deepen ecosystem loyalty. However, competition is already taking shape. Raydium, Solana’s largest DEX by market share, is reportedly developing its own memecoin launchpad dubbed LaunchLab, a strategic response to PumpSwap’s rapid expansion into territory previously dominated by Raydium.
Memecoin Frenzy Fizzles Amid Declining Volumes
Despite the rise of the new PumpSwap DEX, the once-booming memecoin market has experienced a notable slowdown in recent weeks, influenced by several converging factors that have dampened investor enthusiasm and trading activity. Pump.fun has witnessed a significant drop in its token “graduation” rates—the transition from incubation to full tradability on decentralized exchanges. Recent data reveals that less than 1% of tokens are successfully graduating, marking a historic low for the platform.
High-profile controversies surrounding celebrity-endorsed memecoins have further eroded market confidence. Notably, the launch of the $LIBRA token promoted by Argentine President Javier Milei led to allegations of a pump-and-dump scheme after the coin’s value collapsed from a peak market capitalization of more than $500 million to less than $25 million. This incident resulted in legal action and accusations of fraud, casting doubt over the legitimacy of celebrity-backed cryptocurrencies.
Similarly, the introduction of the $TRUMP memecoin by former President Donald Trump raised ethical concerns and fears of market manipulation. The coin’s rapid ascent to a $27 billion market cap, followed by a sharp decline, left many investors with substantial losses and prompted calls for regulatory scrutiny.
The broader cryptocurrency market has also faced a downturn, contributing to the waning interest in speculative assets like memecoins. Platforms such as Pump.fun have reported significant revenue declines, with daily revenues dropping to their lowest points in months. This trend reflects growing investor preference for more stable and utility-driven cryptocurrencies amid market volatility.
Quick Facts:
- PumpSwap surpassed $10 billion in cumulative volume just 10 days after launch, marking one of the fastest rises in Solana DEX history.
- The DEX has hosted over 30 million swaps and onboarded nearly 700,000 wallets since March 20.
- Liquidity providers on PumpSwap have earned $5 million in fees, with the protocol itself generating more than $20 million.
- As of Saturday, PumpSwap captured 14.5% of Solana’s total DEX volume, ranking second behind Raydium and outperforming Meteora and Whirlpool.
