Key Points
- PumpFun has overtaken Raydium and HumidiFi to become the second-largest Solana DEX by volume, highlighting shifting liquidity dynamics within the Solana meme ecosystem.
- Solana meme activity rebounded sharply, driving a surge in on-chain trading volumes across Solana-based decentralized exchanges.
- PumpFun recorded over $2 billion in daily volume on January 6, with PumpSwap contributing nearly $1.95 billion, setting a new all-time high.
Another push in the meme coin market on the Solana network is triggering a substantial increase in on-chain activity. This indicates the revival of momentum notions for speculative purposes since the past couple of weeks have seen dull activity.
Transaction costs have decreased with speedy settlements and a stability in the network. The rebound has also spurred a noticeable improvement in liquidity and trading velocity, especially on platforms that are optimized for fast token launches and high-volume meme token trading.
On-Chain Data Confirms PumpFun Volume Breakout
Data from DeFiLlama indicates that one of the main beneficiaries of the Solana Meme revival has been PumpFun. On January 6, PumpFun’s trading activity reached a cumulative total of over $2 billion within a 24-hour period, which is the highest since its inception.
A vast amount of this trading was concentrated on PumpSwap, which handled a daily volume of around $1.946 billion, creating a new all-time record. This data points to the rapid rotation of speculative flows into PumpFun’s infrastructure during the current risk-on cycle for Solana Meme coins.
PumpFun Rises to Second-Largest Solana DEX
Trading volume has disrupted the current top DEXs in the Solana market. According to current trading volume information, PumpFun has surpassed Raydium and Humidifi to rank the second-biggest Solana DEX, after Meteora.
The ranking shift underscores how liquidity within the Solana Meme ecosystem has increasingly favored platforms designed for fast-moving, meme-driven trading cycles.
Market Share Data Signals a Structural Shift
More recent data from Dune Analytics will help inform the PumpFun growth chart in the context of the wider market. Charts showing the volume of the Solana DEX from mid-2022 show a marked shift from late 2024 into 2025, where PumpSwap dominated the increasing volume of the Solana DEX.
Although the traditional venues were the main retail and meme trading outlets, recent data indicates that PumpSwap is a primary destination of liquidity during periods of increased speculative interest.
Although these trading volumes are historic lows, it is unclear as to how sustainable meme-related trading cycles are going to turn out to be. Historically, severe spikes in trading volatility have always resulted in severe retracement as well.
As PumpFun seeks to maintain its recently acquired marketplace status, it seems that Solana’s meme performance could have a major influence on whether it ensures long term stability within the marketplace.
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