TL;DR
- Pump.fun drove meme creation near an 11-month peak, pulling 320,000+ addresses and 13,690 creators into market even as valuations stayed restrained.
- Most new mints still burn out fast, while Meteora rose as the most active DEX and PIPPIN posted another 70% rally amid bot-heavy, short-horizon trading.
- Pump.fun and PumpSwap generated $5.4M in daily fees, topping Hyperliquid’s 24-hour revenue, and continued PUMP buybacks, with the platform holding over 20% of supply.
Meme token trading on Solana is showing fresh signs of life as Pump.fun activity climbs back toward an 11-month peak. The key shift is that participation is rising even as valuations stay comparatively restrained. New mints, wallet engagement, and fees remain elevated, but most launches still fade fast. In recent weeks, meme interest also picked up through launches on Bags, while Pump.fun drove the clearest daily spike in token creation. The rebound pulled more than 320,000 addresses back into the meme market and drew 13,690 token creators into the trenches again. Trading remains aggressive today.
Pump.fun’s rebound rewires the meme playbook
Pump.fun mints are still short lived, and even the tokens that graduate into DEX trading rarely reach outsized valuations. This cycle is less about building cult coins and more about rapid liquidity capture. The latest creation burst was boosted by attempts to spoof a Cloudflare Clawdbot token, while other hot memes gained traction on DEXs. Solana’s DEX layer stayed highly dynamic, with Meteora rising as the most active venue and ranking just behind Pump.fun for daily fees. Activity spans newcomers like PENGUIN and renewed bids in older leaders such as WIF and PENGU this week.
One standout in the reboot has been PIPPIN, the AI agent token, which logged another 70% daily rally that echoed prior fast pumps. The price action shows Solana traders still have appetite for risk, but they are managing it with shorter time horizons. During the prior downturn, some activity spilled into prediction markets, yet the renewed meme liquidity shows participants never fully left the hunt for winners. This time, trenches traders are described as more aware of near-term drawdowns, and token lifecycles are coming with lower valuations and faster rotation. Bots remain in flow too.
Fees are the KPI behind the comeback. The combined activity of Pump.fun and PumpSwap produced $5.4M in daily fees, and Pump.fun surpassed Hyperliquid in 24-hour revenue while also edging other trading platforms. In a market built on speed, the business model monetizes churn even when tokens fail to mature. Creators reported immediate botting and profit-taking, with little incentive to hold through unrealized losses. That velocity has supported buybacks of PUMP tokens, with Pump.fun already holding over 20% of supply. The open question is whether the season creates lasting value for Solana or simply extracts it.
