PumpSwap Reaches $100M in Total Value Locked as Memecoin Launchpads Experience a Comeback

PumpSwap, the decentralized exchange initiated by the memecoin platform Pump.fun on Solana, has achieved a total value locked (TVL) of $100 million just 50 days post-launch, marking a significant achievement.

This milestone emerges during a wider revival in memecoin trading, challenging earlier forecasts that predicted a downturn for the sector after its rapid rise subsided earlier this year.

Surge in Trading Activity

Debuting on March 19, PumpSwap was specifically created to serve as a native trading hub for tokens that have completed their launch on Pump.fun’s platform.

The exchange has experienced almost uninterrupted growth in its daily transactions, with total trading volume surpassing $18 billion to date.

Throughout May, daily trading volumes have consistently remained above $500 million, with a peak of nearly 500,000 active wallets recorded on May 5, according to data from Dune Analytics.

The ascendance of PumpSwap aligns with a marked increase in repeat user engagement and daily swapping activity, showcasing ongoing user interest.

This growth follows a stagnant phase earlier this year, partially influenced by a controversy involving Argentine President Javier Milei and a Libra-themed memecoin, which crashed after a promotional message was posted on his official X account.

Revival of Memecoins

Despite skeptics within the industry, the memecoin market is experiencing a resurgence, with leading tokens registering substantial gains over the last week.

All top 10 memecoins by market capitalization have increased by double-digit percentages over the week; notably, PENGU has soared by 230% in the past month, and PEPE is leading the weekly growth with over 40% increase.

Pump.fun, which faced skepticism following several instances of rug pulls and pump-and-dump schemes, now sees its DEX flourish amid this unexpected upswing.

Nonetheless, almost 99% of the memecoins launched by Pump.fun still face failure, with a considerable portion showing signs of fraudulent activity.

However, the surge in users and investments indicates that the speculative interest in this unpredictable segment of crypto remains very much alive.