PumpSwap hits record $1.21 billion in daily trading volume as risk appetite returns

PumpSwap’s market peak daily trading volumes reflect a return to risky trading. New token creation also picked up in January.

PumpSwap posted another trading record as meme token activity returned. In January, new token creation on Solana also increased to levels not seen in months.

PumpSwap increased its daily volumes to an all-time high of $1.21B, reflecting a return to risky tokens. | Source: DeFi Llama

After the general crypto market recovery, the meme market on Solana immediately reacted. As Cryptopolitan reported earlier, meme coin activity surged in early 2026. The meme market contracted in the final months of 2025, but showed risk appetite could return if there are also signs of liquidity and hype.

As a result of the increased activity, PUMP tokens recovered from a recent all-time low of $0.0017 up to $0.0025. The token continues to gain support from buybacks, as the Pump.fun team bought back 17.24% of the supply through fees.

Pump.fun fees recovered to over $3M in the past day, reaching their higher range for the past 30 days. The team continues to buy back tokens regularly, for almost 100% of daily fees.

PumpSwap leads DEX activity on Solana

PumpSwap is mostly carrying trades against SOL and USDC, but also showing increased activity in several selected meme tokens.

As a result, the PumpSwap DEX achieved $1.21B in daily trading volumes. The DEX dominated other markets, including previous hot destinations Raydium and Meteora. Even with a smaller number of graduating tokens, PumpSwap has taken over any emerging hot memes as the default trading venue.

PumpSwap increased its influence, becoming the major Solana DEX in the past few months. | Source: Dune Analytics

The DEX carries around 40% of decentralized volume on Solana, based on the public ledger DEX. The activity on PumpSwap is also ahead of HumidiFi, increasing the trading competition among platforms. The DEX activity helped Solana to retain its position as the biggest trading venue and the most active revenue producer in 2025, extending the trend into the new year.

New token launches pick up on Solana

New token launches show that the trenches may return if there are signs of liquidity and a general market recovery. On Pump.fun, trenches traders and creators generated 24,000 new tokens per day, the highest level for the past month.

On Solana as a whole, a total of 42,000 tokens launched on Tuesday. The new token generation has been gradually expanding for weeks, after a crash at the end of Q3. Token creation is back to a three-month high, up from around 20,000 tokens daily at the end of October.

Despite the rapid token creation, only a handful of top assets are attracting traders and whales. Meme tokens are shifting their model, no longer waiting for cult tokens or long-term belief holding. Instead, traders are looking for fast-turnover tokens that peak and crash within hours.

Projects are also gaining more sophisticated tools for exposure to tokens. The recently launched LoreXYZ project does not trade individual tokens, but a basket of topics and narratives on Solana.

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