PumpSwap Dominates Solana: 74% of DEX Volume Fueled by Memecoin Mania

Solana's DEX ecosystem just got flipped upside down—PumpSwap now commands a jaw-dropping 74% of all trading volume as degenerate traders chase the next memecoin moonshot.

The memecoin casino is open

Forget blue chips—Solana traders are all-in on speculative vaporware, turning PumpSwap into the de facto Vegas strip of decentralized finance. Volume spiked 300% in 48 hours as new 'utility-free' tokens flooded the market.

Liquidity follows the hype

Market makers are piling into PumpSwap's pools like Wall Street bankers at a taxpayer-funded buffet. The platform's simplified swap interface makes chasing 1000x gains as easy as clicking 'max slippage' and praying.

Just don't look at the charts tomorrow.

Even though almost all of these tokens are short-lived and illiquid, their sheer volume reflects a market driven by speed. The correlation between new listings and SOL’s price is also clear. The week of July 21 marked the top for SOL at $205.81, up 40% from July 1’s $146.90. As token creation normalized in the following days, SOL declined nearly 11% to $183.13 by July 28.

This behavior is another clear example of the speculative churn that became the foundation of Solana’s DeFi market: rapid token launches spark immediate trading demand, pushing up volumes and, temporarily, SOL.

One of the biggest changes we’ve seen this month is in market share. As of July 28, PumpSwap handled 73.6% of all Solana DEX volume, processing $16.8 billion of the $22.8 billion total. Raydium followed with $2.9 billion (12.6%), Orca with $1.5 billion (6.6%), and Meteora with $1.0 billion (4.5%).

PumpSwap’s dominance isn’t coincidental. It has emerged as the go-to venue for memecoin traders due to its frictionless listing model, minimal vetting, and gamified interfaces. Its support for ultra-low market cap tokens and aggressive liquidity incentives has made it the epicenter of Solana’s short-cycle, high-risk trading.

The difference in trading behavior is stark. While Raydium’s LaunchLab remains the most popular entry point for new tokens, traders quickly migrate to PumpSwap for actual execution. This explains why Raydium saw 157,000 new pairs created on July 21 but only captured 12.6% of volume on July 28. PumpSwap, by contrast, had just 26,689 new pairs launched but handled over 70% of all flow.

Despite being eclipsed by PumpSwap in current market share, Raydium remains the all-time volume leader across Solana DEXs. Its lifetime volume has surpassed $1.06 trillion, far ahead of PumpSwap’s $483.9 billion, Orca’s $471.87 billion, and Meteora’s $241.41 billion.

However, the trajectory suggests PumpSwap could close that gap. Over the past 30 days, PumpSwap recorded $251.41 billion in volume, compared to Raydium’s $34.96 billion and Meteora’s $26.47 billion. In just one day (July 28), PumpSwap facilitated $8.16 billion, more than six times Raydium’s $1.23 billion and over 14 times Orca’s $581.49 million.

The data also highlights a concentration of short-term liquidity. PumpSwap’s 1-day to 30-day volume ratio (3.2%) is similar to Raydium’s (3.5%), but its absolute size is substantially higher. This suggests a much higher velocity of capital and a preference among traders to use PumpSwap for both entries and exits.

While SOL’s price has retreated 11% from its July 22 high, Solana DEX volumes have remained elevated. The 30-day volume total across the top projects stands at $368 billion, led by PumpSwap. Even as SOL fell to $183.13 by July 28, PumpSwap maintained $8.16 billion in daily volume, up from $6.45 billion at the start of the month.

This indicates ongoing churn in secondary markets, particularly around memecoins and microcaps. While the launch intensity may have slowed after July 21, speculative appetite among traders has not. This decoupling between asset price and platform activity suggests that Solana’s DEX ecosystem is maturing into a full-fledged high-frequency environment, where token price discovery continues regardless of broader market conditions.

Projects like Orca and Meteora continue to hold niche positions in the Solana DEX landscape. Orca processed $5.11 billion in the past week and $18.35 billion over the past 30 days, while Meteora handled $3.43 billion and $26.47 billion, respectively.

Interestingly, both protocols show lower daily shares than their 30-day average, indicating steadier flows and fewer spikes. This implies that while PumpSwap captures speculative peaks, platforms like Orca and Meteora may serve as liquidity hubs for more predictable order flow, such as LP arbitrage or large-scale transactions.