PumpSwap, the DEX launched by Solana-based memecoin factory Pump.fun, has hit $100 million in total value locked (TVL), marking a new milestone just 50 days after its debut.
The record comes amid a broader resurgence in memecoin trading, defying recent predictions of the sector’s collapse after its meteoric growth fizzled out earlier this year.
Volume boom
Launched on March 19, PumpSwap was designed to provide a native trading venue for tokens graduating from Pump.fun’s launchpad.
The platform has seen near-continuous growth in daily activity, with cumulative trading volume exceeding $18 billion to date.
Daily volumes have rarely dipped below $500 million in May, and the exchange hit a high of nearly 500,000 daily active wallets on May 5, according to Dune Analytics data.
PumpSwap’s rise coincides with a notable uptick in recurring user activity and daily swap volume, indicating sustained engagement.
The growth comes after a period of stagnation earlier this year, triggered in part by a scandal involving Argentine President Javier Milei and a Libra memecoin that plummeted after a promotional post on his official X account.
Memecoin resurgence
Despite high-profile dismissals from industry figures, the memecoin sector is mounting a comeback, with blue-chip tokens posting significant gains over the past week.
Every one of the top 10 memecoins by market cap is up double digits on the week, with PENGU surging 230% over the past month and PEPE leading weekly gains with over 40% growth.
Pump.fun, once dismissed after a wave of rug pulls and pump-and-dump accusations, now finds its DEX thriving amid this unexpected revival.
Despite the resurgence, nearly 99% of Pump.fun launched memecoins continue to fail, with a vast percentage exhibiting fraudulent behavior.
However, the influx of users and capital suggests that the speculative appetite in crypto’s most chaotic corner remains far from extinguished.