Pump.fun’s onchain economy is heating up even as Solana’s broader DEX activity cools.
The Solana memecoin launchpad bought back roughly $15 million of its native token PUMP over the past two weeks, while the coin’s market capitalization climbed back above $1 billion, The Block’s data dashboard shows.
According to The Block’s price page, the token has increased by over 32% in the last 30 days and is currently trading at $0.0032. The resurgence comes after weeks of fee-funded repurchases that The Block previously reported have, on average, been executed more than 40% above spot prices as of mid-August.
Recent buybacks and rising spot prices have compressed this difference to around 20%, with the average cost now down from $0.0058 to $0.003841, a Dune Analytics dashboard created by pseudonymous onchain analyst @adam_tehc on X notes. Market prices remain approximately 20% below the $0.004 PUMP ICO cost, and over 52% below the July 16 peak.
Daily platform revenue has topped $1 million every day since Aug. 6, and launchpad trading volumes have crossed $210 million in the last day, The Block’s data shows. Pump.fun captured about 86% of Solana launchpad token graduations, reasserting its lead after a brief challenge from rivals such as LetsBonk. Pump.fun also surpassed $800 million in lifetime revenue last week.
While the meme launchpad surges across several metrics, Solana’s networkwide DEX participation has softened. Daily DEX users across the ecosystem fell below 1 million for three straight days, the first such stretch in months. The divergence suggests memecoin activity and fees are increasingly concentrated within Pump.fun’s orbit, even as broader DeFi usage on Solana ebbs.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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