PumpSwap, a decentralized exchange for memecoins, has achieved impressive metrics, processing over 40 million swaps and collecting $3.03 million in fees. Despite competition, the project ranks second in dominance, only behind Raydium.
PumpSwap Achievements
As of March 26, 2025, PumpSwap has 84,608 users, with 12,360 being new, and 72,278 being recurring users. The majority of transactions (around 65.22%) are below $10, while swaps between $10 and $100 account for a significant 21.40%. The project ranks second in dominance with control of 19%, as Raydium maintains the lead with 45%.
Structure and Role of Solana
PumpSwap has been operating on the Solana blockchain since March 20, using an automated market maker mechanism similar to Raydium and UniSwap. Notably, the six Solana migration fees have been removed with the launch of PumpSwap, streamlining the process for users. Solana continues to be a key platform for the development and launch of memecoins.
Memecoin Market: Current State
Since the beginning of 2024, over 100 memecoin-related projects have been launched. According to CoinMarketCap, the memecoin market cap stands at $59.19 billion, with a 10% rise in the past 24 hours and a trading volume of $6.76 billion. Dogecoin holds the top position with a market cap of $30.43 billion.
PumpSwap shows significant success in the industry despite stiff competition. The platform is attuned to trends and supported within the emerging Solana ecosystem. The overall state of the memecoin market continues to be favorable, with a new major player and prospects for growth by 2026.
