Daily token creation on Pump.fun has climbed above 20,000 throughout December, marking the highest sustained activity since mid-September. The platform recorded more than 25,000 new meme coins on Dec. 2.
The increase suggests retail investors are returning to high-risk meme coin speculation as the year closes.
What Happened: Platform Reports Highest Activity Since September
Data from Dune shows Pump.fun maintained daily token creation above 20,000 throughout December 2025. The Dec. 2 figure of more than 25,000 tokens represented the highest single-day count since mid-September.
Revenue and decentralized exchange volume on the platform remain down more than 80% compared to early 2025. Active wallet addresses have held steady at around 100,000 on average since August despite multiple liquidation events during that period.
Michael Nadeau, founder of The DeFi Report, compared user retention metrics between Pump.fun and traditional Web2 applications.
Pump.fun achieved 12.4% retention in Week 4 and 11.4% in Week 8, while Web2 consumer applications typically show 5% to 10% retention in Week 4 and 2% to 5% in Week 8.
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Why It Matters: Meme Coins Outperform Altcoins
Trader Daan Crypto Trades noted meme coins outperformed major altcoins over the past two weeks.
"Over the past two weeks, memes were the outperformer for a change. It has been a long time since those did well. This is after a long streak of outperformance back in 2023 & 2024," Daan Crypto Trades stated.
He indicated the performance could signal increased market risk appetite but cautioned the trend may not represent a long-term shift. The Pump.fun ecosystem ranked as the third-best performing category during the first week of December.
The sustained wallet activity and higher retention rates suggest the platform maintains user engagement despite reduced overall market activity and valuations.
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