PumpSwap DEX hits $1B volume amid Solana memecoin slowdown

Pump.fun’s new decentralised exchange (DEX), PumpSwap, surpassed $1 billion in cumulative trading volume within a week of its March 19 launch, despite a broader decline in Solana’s (CRYPRO:SOL) memecoin activity.

The platform’s daily volume peaked at $425 million on March 24, with 4.2 million swaps recorded that day, per Dune Analytics data.

PumpSwap’s rise contrasts with Raydium’s (CRYPTO:RAY) dominance, which previously required memecoins launched on Pump.fun to migrate to its DEX.

Pump.fun’s team cited this process as “needless complexity,” prompting the creation of PumpSwap to enable instant, fee-free migrations.

The DEX has generated $2.1 million in protocol fees and $540,000 in liquidity provider rewards, with daily fees reaching $1 million by March 24—“on par” with Pump.fun’s ecosystem, according to analyst Adam_Tehc.

However, the Solana memecoin market shows signs of cooling.

Daily token mints on Solana dropped from 95,578 in January to 26,298 by March 22, while tokens completing Pump.fun’s “bonding curve” (a prerequisite for DEX listings) fell from 1,200 to 149 over the same period.

Solana’s weekly revenue also plummeted 93% from $55.3 million in January to $4 million by March 11, reflecting reduced network activity.

Raydium has responded to PumpSwap’s growth by announcing LaunchLab, a memecoin launchpad competing directly with Pump.fun’s offerings.

The rivalry highlights shifting dynamics in Solana’s DEX ecosystem, where partnerships are evolving into competition.

While PumpSwap’s early success is notable, analysts will monitor whether it can sustain momentum amid broader memecoin fatigue and Raydium’s countermeasures.

At the time of reporting, the Solana (SOL) price was $142.83.