In a week marked by wild trading activity, Pump.fun’s newly launched decentralized exchange, PumpSwap, has shattered expectations, crossing $1 billion in cumulative trading volume just seven days after going live.
The explosive growth highlights the enduring power of meme coin hype, even as the broader Solana memecoin market shows signs of cooling.
Launched on March 19, PumpSwap was designed to eliminate the friction meme coin traders faced when moving liquidity from Pump.fun’s launchpad to external exchanges like Raydium. That migration, often slow and clunky, killed token momentum and confused new users.
Now, PumpSwap offers instant, fee-free migration, giving meme coin traders a dedicated home and the response was immediate.
According to Dune Analytics, PumpSwap hit $1.1 billion in total trading volume within its first week. Daily transactions spiked on March 24, with over 4.2 million swaps and $425 million in volume recorded in just 24 hours.
Beyond raw trading volume, PumpSwap’s user activity is surging. Data shows over 388,000 active users and more than 11 million total swaps since launch.
Protocol fees also soared, exceeding $2.1 million, while liquidity provider fees crossed $540,000, with PumpSwap raking in $1 million in fees in a single day. Remarkably, that puts it on par with the revenue generated by Pump.fun itself.
A Brewing Rivalry – PumpSwap vs. Raydium
PumpSwap’s rise could disrupt Solana’s ecosystem dynamics. Raydium, previously the go-to DEX for meme coins, now finds itself competing with its former partner.
Raydium has already responded by announcing LaunchLab, its own meme coin launchpad—a clear sign that the Solana meme coin arms race is heating up.
Interestingly, PumpSwap’s debut comes as Solana’s memecoin momentum weakens. Daily token mints, once peaking at 95,578 in January, have plummeted to 26,298 by late March, according to Solscan.
Pump.fun’s own numbers reflect the slowdown. Daily token launches completing the bonding curve necessary for DEX listing dropped from nearly 1,200 in January to just 149 on March 20.
Solana’s weekly revenue also took a hit, collapsing 93% from a high of $55.3 million in January to just $4 million by March 11.
What’s Next
Despite the downturn, PumpSwap’s staggering debut shows that memecoin trading still commands attention and capital. The question now is whether PumpSwap’s early success signals a second wave of memecoin mania or if it’s merely momentum leftover from past hype.
Either way, Pump.fun’s bold move positions it as a serious contender in Solana’s DEX wars. With meme coins still capable of generating billion-dollar volumes in days, the race for dominance is far from over.
