Solana memecoin frenzy sends PumpSwap trading volume to record $1.2 billion
PumpSwap's trading volume surged to a record $1.28 billion in 24 hours amid a Solana memecoin comeback, though fee generation remains modest.Summary
PumpSwap, the decentralized exchange (DEX) for the Pump ecosystem on Solana, is experiencing massive trading volume, reaching $1.28 billion in the last 24 hours, as the broader Solana memecoin market heats up. This surge is part of a general 'memecoin comeback' trade seen across chains following the holidays, with PumpSwap accounting for roughly $1.21 billion of the ecosystem's daily volume, dwarfing the older pump.fun route. PumpSwap facilitates trading for tokens that 'graduate' from the Pump.fun launchpad. Despite the record volume, fee generation is not proportionally increasing; on January 5th, total fees were only about $2.98 million. This discrepancy is attributed to fast, low-fee trading churn common in memecoin markets and competitive fee compression among Solana venues. The sustained volume signals a return of retail interest in Solana's 'fun' corner, but whether this translates into meaningful, lasting revenue remains to be seen.
(Source：CoinDesk)