Pump.Fun has officially launched Pumpswap, positioning itself as a strong contender for Raydium while aiming to revitalize activities in the Solana ecosystem. But can this newcomer rekindle the interest of Sorana, who is losing motivation?
New raising name – pump delivery
Recently, on March 20, 2025, Solana-based Meme Coin Platform Pump.fun Decentralized exchange (DEX) was launched Called Pumpswap, it has a mechanism similar to Raydium V4.
Pumpswap has unique features such as zero migration fees, fast transactions, low transaction costs, and creator revenue sharing mechanisms. With these advantages, Pumpswap positioned itself as a strong competitor, aiming to challenge Raydium’s dominance in the Solana Dex ecosystem.
After its launch, Pumpswap reached an impressive number, exceeding $1 million in cumulative volume, attracting more than 385,000 traders. On March 24, its agreement fee reached $212,000, marking its highest point since its launch.
Source: Dune Analysis
However, Pumpswap’s market share in Solana-based DEX remains moderate, with a peak of only 19.2%. Meanwhile, its direct competitor Raydium has maintained its dominance, with a market share of nearly triple to 60.7%.
Source: Dune Analysis
Bullish Sorana signal?
In the fourth quarter of 2024, Solana’s network revenue surged 261%, driven primarily by Memecoin Boom. This growth emphasizes the strong attraction of meme coins to users and their ability to drive online revenue. Platforms such as pump.fun play a key role in amplifying Solana’s Memecoin Frenzy. By simplifying the creation and startup process, Pump.Fun attracts a large influx of users.
Source: Token Terminal
According to Dune Analytics, more than 1.69 million new meme coins were created in January 2025 alone, reflecting the explosive growth of the Solana trend.
However, recent political controversy surrounding meme coins and Melania has sparked confidence among investors, causing many supporters to abandon these projects.
Recently, Pump.Fun and Raydium have intensified their competition, implementing major changes that have the potential to restore weaker interest in the Solana ecosystem. But for Solana’s builders, this seems challenging!
according to Binance Research’s latest reportAt the beginning of 2025, nearly $500 million in market capitalization flowed out of Solana, reflecting that investor interest has weakened as the Memecoin Hype disappears. Despite the strong activity of Pump.Fun, its market share is still too weak to enhance the entire Solana ecosystem, especially in the overall ratio market conditions.
Source: Binance Research
Additionally, Vaneck and 21shares’ Solana ETF applications have been submitted to the SEC, but the outlook remains bleak. At the same time, investors are mainly concerned about Bitcoin and Ethereum ETFs and are not very interested in Solana ETFs.
The Memecoin season also obscures other promising projects in Solana, resulting in a severe dispersion of attention and capital within the ecosystem.
If this trend continues, Solana risk will lose its long-term growth momentum as retail investors increasingly see it as a “crypto casino.” So, the Solana ecosystem needs new momentum, a new wave that investors can be bullish in the long run.
Learn more: Solana is back with Raydium’s latest move?
