Renewed interest in speculative tokens has increased trading volumes, token launches, and user participation across major platforms. 

Solana continues to attract trading activity as applications benefit from stronger demand and improving market sentiment. Meanwhile, Pump.fun has recorded higher activity, supporting the broader recovery in Solana’s meme token ecosystem.

Solana dominates meme token trading with over 91% market share

Solana accounts for more than 91% of meme token spot trading across major decentralized exchanges (DEXs). The network has maintained strong liquidity, allowing traders to access newly launched tokens and established meme assets.

Solana’s dominance follows a temporary slowdown in August, when Robinhood-linked launchpads gained attention. However, Robinhood’s share of meme token trading has since declined to approximately 5%, leaving Solana firmly ahead.

The network has also increased transaction capacity, supporting faster trading across meme tokens and other digital assets. Meanwhile, Solana continues expanding its presence in tokenized stocks and stablecoin markets.

Trading applications on Solana now hold nearly $1 billion in locked value and generate up to $1.5 million daily. This activity reflects continued demand for spot markets, particularly assets without established perpetual futures markets.

Network participation has also increased alongside the recovery. Daily active address figures reportedly doubled during the previous quarter, reaching more than 50 million in October.

According to quarterly revenue figures, Solana maintained its leadership in application revenues for the tenth consecutive quarter. Its applications generated more than $362 million during Q3, compared with $253 million in Q2.

The increase marked Solana’s first quarter-on-quarter application revenue growth in 2026. Daily application revenues also exceeded $3 million, more than twice Hyperliquid’s reported levels and ahead of Ethereum.

Token Terminal data identified Jupiter and Jito among the fastest-growing applications over the previous 30 days. Meanwhile, SOL climbed to $111.47, representing a 47.9% increase over three months.

Solana app revenues reflected the renewed interest in DEX trading, boosting apps like Jupiter and the Jito block builder. | Source: TokenTerminal

Trading activity strengthened during August and September, ending several months of limited price movement.

Pump.fun token launches and trading volumes drive Solana revenue growth

Pump.fun has emerged as a major contributor to Solana’s renewed meme token activity following months of weaker demand. The launchpad recorded daily trading volumes exceeding $160 million across several sessions in October.

Activity accelerated as reflection tokens, a category of asset-backed meme tokens, attracted growing attention. Daily launches regularly exceeded 35,000 tokens, while creator participation approached 20,000 addresses.

Solana led meme token activity, with peak results on days with significant hype. More creators are deploying tokens on Pump.fun, leading to a rise in trading activity. | Source: Dune Analytics

Pump.fun generated $91.48 million in Q3 earnings, reversing the platform’s earlier quarterly revenue decline. The recovery followed weaker earnings throughout 2026 as meme token trading cooled.

The platform also distributed more than $31 million through creator fees and cashback incentives. These payments supported participation while Pump.fun retained a substantial portion of its revenues.

October’s stronger trading activity suggests renewed interest in meme tokens could support Solana’s application revenues during Q4. However, sustained growth will depend on trading demand, token launches, and continued network participation.

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At least one former worker missed a payout valued above $1 million, according to Sandmark.

Pump.fun Layoffs Came Before Vesting

Sandmark said the first dismissals occurred in late March and early April. Its report cited internal documents, emails, audio, and video from a meeting where co-founder Noah Tweedale said Pump.fun “had grown too quickly,” preventing it from staying “fast and rough.”

A “termination of services” email directed affected workers to meet Lloyd McCarthy, the company’s head of talent. Their agreements ended in early April, with severance equal to one week of pay for every month served. Tweedale and co-founder Alon Cohen did not answer Sandmark’s questions, while Pump.fun has not addressed the allegations.

Employees signed token grant agreements in mid-June 2025. Twenty-five percent of their PUMP allocations were due to unlock in June 2026, but workers leaving earlier lost their full grants. Sandmark valued one allocation above $1 million when its report appeared.

Using TradingView data, Sandmark placed PUMP about 79% below its 2025 peak of $0.0089. Crypto Times reported a 69 percent decline. PUMP traded near $0.002, down 26 percent over one year but almost 8 percent higher that day.

Second Pump.fun Layoff Wave Emerges

Former employees said another round occurred in mid-July. An X account called ExPumpEmployee posted “termination of services” emails on Thursday and claimed one worker was dismissed one day before token vesting.

Former staff placed combined layoffs above 40 across both waves, although Sandmark could not verify every detail. KuCoin’s news desk also said more than 40 employees were dismissed within two months.

Pump.fun reportedly expanded from three workers to nearly 100 this year. Users have created more than 20.8 million tokens through the platform. Dune analytics cited by Sandmark put lifetime revenue near $1.3 billion and daily revenue around $1 million.

Pump.fun Faces UK Regulatory Issues

Pump.fun operates through UK-incorporated Baton Corporation Ltd. It blocked UK users in December 2024 after the Financial Conduct Authority warned it might be conducting activities requiring authorization. The platform remains on the FCA warning list.

Its UK connection surfaced in 2024 when former employee Jarett Dunn transferred about $2 million from a company wallet to thousands of addresses, claiming he had “killed” the memecoin. Wood Green Crown Court sentenced Dunn to six years in prison in December 2025. Pump.fun later launched a bounty feature, while users posted suicide offers.

Baton’s accounts through September 30, 2025, were due June 30 and became delinquent, carrying a possible fine of up to £375. Pump.fun also faces lawsuits alleging a “rigged” investor offering and improper maximal extractable value practices.

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On-chain analyst EmberCN reported the transaction as memecoin trading, protocol revenue, and Solana network activity showed a slowdown.

The Solana-based platform launched in January 2024 and charges a 1% fee on token swaps. Its growth during the memecoin boom generated fee income, while Kraken transfers converted part of that revenue into cash.

Pump.fun SOL Transfers Reach $812 Million

EmberCN estimates that Pump.fun sold about 4.81 million SOL between January 2024 and July 18, 2026. Those sales were valued at roughly $812 million, with an average selling price of $168.70 per token.

The latest Kraken deposit forms part of that pattern. Pump.fun has generated more than $1 billion in cumulative revenue since launch, including about $664 million during 2025. Revenue reached approximately $124.7 million in the first quarter of 2026.

Different data providers report larger totals as they measure separate categories. EmberCN tracks SOL sent to Kraken and believed to have been sold. 

DefiLlama reported about $1.86 billion in cumulative fees and more than $1.2 billion in protocol revenue as of July 18, 2026. Those figures cover income earned across Pump.fun products rather than token sales alone.

Memecoin Slowdown Hits Solana Activity

A June 16, 2026 report said Pump.fun activity fell 80% over the previous three months. Average daily revenue dropped to about $800,000 in June from roughly $4.8 million six months earlier.

Only 0.26% of newly created tokens reached the market capitalization required to move onto other exchanges. Traders also shifted toward perpetual futures platforms such as Hyperliquid, reducing the on-chain activity that previously supported Solana’s fee generation.

The slowdown matters for Solana as Pump.fun served as one of the network’s largest fee-producing applications. Lower token creation and trading volumes have reduced the economic contribution that memecoin activity once delivered to the blockchain.

PUMP Token Falls as Revenue Weakens

PUMP declined nearly 40% over six months and traded near $0.0016 on July 18, 2026, according to DefiLlama. That price stood well below its $0.0088 peak, while the token’s market capitalization was about $655 million.

The decline followed a surge in demand that helped Pump.fun raise $600 million through an ICO completed in 12 minutes.

STORM Partners identified Pump.fun as a central platform in the 2024 and 2025 memecoin boom. Estimates indicated that it helped launch about 11 million tokens by mid-2025, although fewer than 1% reached exchanges such as Raydium.

EmberCN’s wallet tracking showed that Pump.fun still transferred SOL to Kraken periodically through July 18, 2026. DefiLlama revenue data and Solana network fee metrics provide separate measures of the platform’s shrinking activity and its effect on the wider ecosystem.

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The listing comes as the company faces a consolidated class action and a separate RICO claim that could increase its legal and financial exposure.

Co-founder Alon Cohen promoted the opening and said the company is seeking someone who can “own the company’s regulatory and litigation posture.” The role points to a wider legal push as Baton manages claims in the United States while also addressing compliance questions across major markets.

Lawsuits raise pressure on Baton

Baton is defending a consolidated class action in the Southern District of New York. Lead plaintiff Diego Aguilar filed the case through Wolf Popper LLP. The complaint alleges that tokens were launched through Pump.fun qualify as unregistered securities under Sections 5 and 12(a)(1) of the Securities Act of 1933.

The company is also facing a separate complaint filed on January 16, 2025. That case centers on the PNUT token, a Solana memecoin that plaintiffs say reached a $1 billion market capitalization before declining 89% from its peak. Brown Rudnick LLP has represented Baton on retainer.

Plaintiffs have also advanced a RICO theory, alleging that Baton operated a racketeering enterprise. The statute allows treble damages, and the case has been sized at about $5.5 billion. Plaintiffs have asked the court to appoint a receiver to take control of Baton’s operations.

Job listing reveals business scale

The CLO listing includes figures that Baton has not widely publicized. It states that Pump.fun handles more than $300 million in daily trading volume and generated over $500 million in profit last year. The listing also says the company operates with fewer than 100 employees.

Pump.fun was geo-blocked from the United Kingdom in 2024 after FCA action, according to a Change.org petition seeking a coordinated European criminal investigation into Baton’s operations. The same petition cites Dune Analytics data showing that more than 60% of about 4.25 million wallets trading on Pump.fun lost money. It also says nearly 1,700 wallets lost more than $100,000 each.

CLO role targets global compliance

The compensation range underscores the legal importance of the senior role. The job description requires at least 10 years of experience, New York Bar admission, and direct experience with regulatory investigations and enforcement actions.

The CLO would report to a general counsel and oversee risks tied to SEC, CFTC, FinCEN, OFAC, FCA, and MiCA obligations. The Aguilar case has no trial date. The court docket shows the most recent filing date as April 14, 2026.

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The update will enable traders to deposit assets across multiple networks without trading them to SOL. 

The relocation will benefit the attraction of additional liquidity and the enhancement of activity through the platform.

The option enables its customers to credit their Pump.fun wallets with holdings of various blockchain ecosystems. 

The deposits are handled by Moonpay, which started collaborating with the launchpad in November 2025.

Cross-chain deposits expand funding options

The new integration will facilitate the deposits of nine networks, such as Bitcoin and Ethereum. Other chains that it supports are BNB Chain, Base, Arbitrum, and Polygon.

Networks like Hyperliquid and other ecosystems that are linked to Moonpay can also make additional deposits. This integration will enable users to transfer funds in these chains to Pump.fun wallets.

This allows one not to buy or sell Solana, but instead to be a participant in meme token releases. The platform offers the ability to transfer assets between other chains and enter them.

Moonpay has been promoting conventional payment methods in the past. These were bank transfers, payment cards, Apple Pay, and Google Pay. The new feature expands the crypto payment infrastructure of the company as it allows cross-chain deposits.

The integration is directly integrated in Pump.fun application. This makes the process of funding simple, and fewer steps are taken before trading.

Pump.fun aims to capture meme liquidity

The launchpad aims to draw the liquidity of other meme token ecosystems. The update will enable the holder of different tokens to transfer funds to Pump.fun within a short time period.

It also contributes to the competition since now platforms like Four. meme. Pump.fun have access to liquidity in networks linked to BNB Chain directly.

The site is also open to deposit high-value assets such as Bitcoin. Smaller tokens of less active networks could also get into the ecosystem, as well.

This emergence comes at a time when the altcoin market is experiencing a poor performance. A lot of tokens are close to historic lows and are not able to sustain demand.

Pump.fun believes that the cross-chain funding alternative will find new applications for these assets. Additional liquidity may also lead to an increase in trading volumes and token launches.

Token graduations reach higher levels

Pump. fun has also recorded an increase in the number of token graduations. Recently, there were recent highs of eight months of graduations being done daily.

Over 400 tokens graduate daily. This is approximately 1.29% of the total number of tokens issued on the site.

Pump.fun had a peak level of graduating tokens, 1.29% out of around 28,000 new daily tokens. | Source: Dune Analytics

This number is much higher than a local high of 1.15%. Graduation: This happens when a token transits the bonding curve to Pump.swap with liquidity added.

Between 28,000 and 30,000 tokens are launched each day on the platform. The average number per day of graduation is between 280 and 400 on the peak days.

There are also some tokens that have been valued at larger market values. The token WAR has just surpassed a market value of $30 million. Nonetheless, it has not been comparable to previous performances of more than $100 million.

Pump.fun has changed its fee system to promote more token graduations. The platform has also given a part of the fees as payment to its community.

There is over $192 million locked in liquidity in the platform. The annualized fees are greater than $1 billion, and net earnings are close to $472 million.

The Pump.fun team has already acquired over 28.6% of the supply of PUMP. The purchasing activity started to rise since the beginning of 2026. The token is close to $0.0019 despite the purchases.

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The firm also introduced a $3 million initiative called the “Build in Public Hackathon” (BiP Hackathon), designed to support 12 projects with $250,000 in funding at a $10 million valuation.

Pump.fun’s new investment strategy

Pump.fun’s new initiative, Pump Fund, is intended to enhance the platform’s startup ecosystem by fostering long-term relationships with emerging projects. The launchpad’s co-founder, Alon, emphasized that the goal is to create new opportunities for founders who might struggle to access traditional venture capital. 

The company wants to allow early supporters to play a key role in funding projects through tokenized bets, rather than relying solely on venture capitalists. By empowering the market to make the final decisions on which projects thrive, Pump.fun hopes to democratize access to capital. 

The company explained that this framework will provide a transparent and participatory funding model, where market dynamics decide a project’s success. This initiative stands out by encouraging teams to “build in public,” ensuring transparency about project development and progress.

The BiP hackathon: A path for public projects

The BiP Hackathon launched by Pump.fun is a centerpiece of this new venture. The initiative aims to fund 12 promising projects, offering $250,000 in capital each, which is based on a $10 million project valuation. 

The firm requires participating teams to launch their tokens on the platform and retain a minimum of 10% of their token supply. Participants are also encouraged to share their progress publicly, using platforms like X and Pump.fun’s community and streaming services.

Pump.fun has made it clear that its focus will not be on the product or social media traction alone, but rather on the long-term viability of the projects. The firm wants to see rapid development and open communication from project teams, as well as the creation of genuine market interest. The hackathon is open to a wide variety of projects, regardless of whether they are crypto-related.

Requirements and application process

Applications for the BiP Hackathon opened on January 19, 2026. Teams must submit an application form along with a short introductory video outlining their project. The winners will be announced on February 18, 2026. Pump.fun will assess projects based on their ability to ship quickly and demonstrate their market potential. 

The firm emphasized that it values organic traction over networking connections. While the hackathon is a major event, Pump.fun sees it as just the beginning. 

The company has stated that successful projects will receive continued support even beyond the competition. The initiative is designed to help early-stage projects gain the attention they deserve, allowing them to thrive without waiting for approval from traditional gatekeepers.

Pump.fun’s new funding arm and the Build in Public Hackathon reflect the platform’s commitment to empowering startups in the crypto space. By focusing on transparent development and market validation, Pump.fun is offering an alternative to traditional funding methods. With a focus on long-term viability, this initiative could pave the way for the next generation of crypto startups.

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The decision keeps defendants who are now known as Solana in a case that may transform risks in the entire ecosystem.

Pump.fun and Solana are currently gearing up to face once again the second round of litigation with a leave to file a second amended complaint granted by Judge Colleen McMahon. The order is preceded by a motion that was filed in September, following statements made by plaintiffs that they had access to new evidence. The case concerns investors who purchased tokens of the Pump.fun launched in March 2024 and stated that they had made immediate financial losses.

The court leaves permission to amend the complaint

After considering allegations related to new information, the court granted the plaintiffs the right to present their court with a second amended complaint. The plaintiffs argued that the evidence was given by a confidential informant who had been quiet for some time. The informant had given thousands of internal chat messages, as it is mentioned in the filings.

The defendants contended that the motion ought not to be granted for procedural reasons. They argued that the plaintiffs did not provide a proposed amended complaint. The court dismissed such an argument and decided that the request was legal. More time was also given to the plaintiffs to study and assimilate the new materials.

Consequently, the current motions to dispose of the previous complaint are still pending. It is possible that those motions will be rendered irrelevant after the new filing is provided. Once the amended complaint is filed, it is likely that the timeline of the case will restart.

Infrastructure claims and insider access claims

The revised claims consist of purported violations of the securities law, racketeering, and unjust enrichment. Court records claim that Pump.fun marketplace was not as neutral as presented. Plaintiffs assert that the system was biased against those parties having privileged access to Solana infrastructure.

The filings accuse insiders of using transaction ordering tools that were connected to Solana validators and Jito Labs. This access supposedly gave them access to the newly released tokens before retail clients. Plaintiffs claim that the practice corrupted the prices via the bonding curve design of the platform.

The insiders were allowed to purchase at lower prices in advance, as per the complaint. They were then able to sell when the price went high. Retail customers were accused of having gotten into the trades with high prices and incurred losses when prices went down.

History of the class action litigation

The case started at the beginning of the year when retail investors claimed to lose money on trading memecoins. Plaintiffs alleged that Pump.fun, its founders, Solana Labs, the Solana Foundation, and the top executives orchestrated the scheme. There are prominent Solana leaders named as defendants.

The plaintiffs claim that without validator coordination, the alleged conduct could not have been possible. They argue that Solana’s technical design was a key factor in facilitating the activity. The accused have refuted the accusations and are still appealing the allegations.

Pump.fun has also lost a protracted court proceeding with extended accusations and additional evidence. The result might affect accountability to platforms and practices in the market throughout Solana. The case will also be closely followed by the industry as it proceeds.

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The group of Pump.fun streamers filmed themselves inside a private jet replica and pretended to crash. The “jet” had poor flooring, with users calling out obvious set pieces, and even an exterior shot that gave away its inauthenticity.

Pump.fun livestreamers fake plane crash

Viewers who ridiculed the streamers for pulling off a poorly executed hoax failed to see the likely intention from the start, which was farming engagement. The more users pointed out that it was fake, the wider the clip circulated. That attention achieved the streamers’ goal of farming engagement and promoting Pump.fun, especially during a time of sliding activity.

The set itself was not difficult to locate. Users identified the location as FD Photo Studio in Los Angeles. The studio rents out themed spaces for photography and filming. The “Olympic 4” private jet backdrop was booked by the streamers, including SolJakey, Never Goon, MiniKon, and OG Shoots, for as little as $34.99 per hour.

The PUMP native token has been performing poorly in the last 14 days. The token dropped by 29.9%, from $0.007950 to $0.004988. In terms of trading volume, PUMP peaked at $975.76 billion on September 21, but now this volume has crashed to $61.17 million. PUMP’s market cap sank by 38.2% in just 14 days, dropping from an all-time high $2.8 billion to $1.77 billion based on data from crypto aggregator CoinGecko.

The memecoins platform isn’t doing well in terms of revenue either. Last Sunday, it generated $3.74 million, with the number dropping below $1 million. According to Dune Analytics, Pump.fun registered a revenue of $890K yesterday. Pump.fun released its native token on July 14. It raised $500 million in 12 minutes through an ICO event, but days later, 60% of PUMP presale buyers sold their tokens on centralized exchanges.

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The meme token platform has suspended buybacks in the short term and decided to transfer money to the exchange amid the recent market rally.

SOL Deposits Resume Amid Market Rally

On-chain data showed that Pump.fun moved 86,254 SOL to Kraken, the first deposit since June 10. This move was made when the price of Solana surged higher, leading to questions about whether the platform would commit to the buybacks of the PUMP tokens. Even though the company stated that most of the fees would fund the buyback, Pump.fun decided to cash a part of its reserves.

Pump.fun paused the PUMP buybacks and tapped some of its renewed SOL inflows. | Source: Pump.fun fees.

At this stage, the platform has been able to deposit 3.93 million SOL to Kraken. These deposits were achieved at different price levels, including low levels of $158. The transactions fail to verify total liquidation; nonetheless, the intermediary wallet that was used in transfers has been drained. At least, Pump.fun retains 898,000 SOL in public wallets.

Buybacks Influence PUMP Token Recovery

Buybacks made by Pump.fun produced a noticeable impact on the price of the PUMP token, which stabilized at the level of $0.004 and gained 9.8% within 24 hours. Overall, 197,739 SOLs have been utilized as sellbacks, and the platform has currently been paused. The deployment of meme tokens was rising, again prompting daily fees to reach a weekly record of 3.27 million dollars. This was an improvement from the lows, where they fell to below 500,000.

Nevertheless, the Pump.fun ecosystem was functioning in spite of these oscillations. Market sentiment will directly impact fees and liquidity, with buybacks continuing to influence token price performance. The generosity of SOL transfers and Leah’s buyback of PUMPs still construct the community mood.

Rival Meme Platforms Compete for Market Share

There is increased rivalry among meme token launchpads. More than 50,000 new tokens were launched on Solana within a week, causing a sharp change in platform dominance. Pump.fun took back 74.5 percent of the market; meanwhile, LetsBonk.fun fell to 10 percent. Bags became popular, with an 11.2 percent share.

The deployment addresses have become the trendiest meme tokens. These are robotic players who switch between platforms to maximize positive settings. As analysts propose, deployers represent more than 95 percent of activity, which endangers the notion of organic user-driven growth.

Pump.fun Shifts Focus to Cult Tokens

Pump.fun will focus on cult tokens because it has previously achieved success with GIGACHAD and other projects of this type. The group now strives to develop tokens that will attract loyal communities. Co-founder Alon Cohen was signaling a recession to a hold-and-believe culture.

Cult status is being created through the selection of tokens such as TOKABU and HOUSE. Their recent price performance indicates that they have brought about healthy early interest, which will strengthen the power of Pump.fun.

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The token was issued on Solana and attracted attention when one of the initial adopters accidentally burned 10 million PUMP, valued at an estimated 75,000.

Trading Launch Nears as Airdrops Begin

The Pump.fun PUMP presale ended up being sold out in 12 minutes on July 12. Token distribution started soon enough on a variety of centralized exchanges. Presale participants of Solana-based platforms such as Gate.io and Bybit began to receive PUMP allocations in their Solana wallets. 

The airdrop lasted 48-72 hours, along with a minimal 10-token adventure level and up to a 10-million-mark budget limelight. These tokens will start appearing in the users’ wallets, but not all at once, but upon the start of formal trading. Pump. Fun has yet to distribute free tokens to use on the ecosystem, but now every whitelist buyer has been given their possessions.

Kraken was one of the most prominent ones in the presale and sold over 30 million dollars worth of PUMP.

Whale Mistakenly Burns 10M PUMP

On-chain data showed that 10.5 million PUMP tokens had already been burned, and one whale had burned 10 million of them. The wallet connected with Solana influencer @cryptocharming1 employed an automated utility that was supposed to eliminate spam tokens. The user failed to realize that the PUMP tokens were legitimate allocations and had these erased forever.

Since then, the wallet has been dusted with SOL to track it. The event brought further hype to the token but had no significant effects on the total supply. The trader has been trading with meme coins and other large wallets on Solana in the past.

Whale Activity Rises Ahead of Launch

There has been rampant interest in PUMP among large holders. Until the presale, there were only five spots on Hyperliquid. More than 50 whale wallets obtained long positions after the event. A majority of the traders are laying bets on the pre-launch price rallies when PUMP trading will become accessible.

Early trading on the Hyperliquid side has been seen on PUMP, whose prices have bounced back to approximately $0.006. The market is too liquid and volatile. The official exchange pairs will come online, but analysts will be keen on whether there is any form of manipulation.

PUMP tokens expanded after the presale, sparking expectations of a rally after the official trading started. | Source: Hyperliquid

Presale and whale buying have met with the price soaring, and the first trading hours have high expectations to meet.

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