PumpSwap, the DEX launched by Solana-based memecoin manufacturing facility Pump.enjoyable, has hit $100 million in complete worth locked (TVL), marking a brand new milestone simply 50 days after its debut.
The file comes amid a broader resurgence in memecoin buying and selling, defying latest predictions of the sector’s collapse after its meteoric progress fizzled out earlier this yr.
Quantity increase
Launched on March 19, PumpSwap was designed to offer a local buying and selling venue for tokens graduating from Pump.enjoyable’s launchpad.
The platform has seen near-continuous progress in day by day exercise, with cumulative buying and selling quantity exceeding $18 billion so far.
Each day volumes have not often dipped under $500 million in Might, and the alternate hit a excessive of practically 500,000 day by day energetic wallets on Might 5, in response to Dune Analytics knowledge.
PumpSwap’s rise coincides with a notable uptick in recurring person exercise and day by day swap quantity, indicating sustained engagement.
The expansion comes after a interval of stagnation earlier this yr, triggered partly by a scandal involving Argentine President Javier Milei and a Libra memecoin that plummeted after a promotional submit on his official X account.
Memecoin resurgence
Regardless of high-profile dismissals from business figures, the memecoin sector is mounting a comeback, with blue-chip tokens posting important features over the previous week.
Each one of many high 10 memecoins by market cap is up double digits on the week, with PENGU surging 230% over the previous month and PEPE main weekly features with over 40% progress.
Pump.enjoyable, as soon as dismissed after a wave of rug pulls and pump-and-dump accusations, now finds its DEX thriving amid this sudden revival.
Regardless of the resurgence, practically 99% of Pump.enjoyable launched memecoins proceed to fail, with an unlimited share exhibiting fraudulent habits.
Nevertheless, the inflow of customers and capital means that the speculative urge for food in crypto’s most chaotic nook stays removed from extinguished.
