Pump.fun Roars Back: AMM Overhaul Sparks Revival in Solana’s Memecoin Market

Following a few months of turbulence, it appears that the memecoin excitement on Solana has started to rev up once more—and much of the credit for that goes to pump.fun.

The experimental token launch platform that mixes virality, speculation, and on-chain liquidity into a very chaotic cocktail has come back with a vengeance after making some key changes to its mechanisms. Now, with the market sentiment having flipped to bullish and “risk back on the menu,” pump.fun is once again a major driver in the Solana decentralized exchange (DEX) ecosystem.

Since the introduction of the native automated market maker (AMM) at pump.fun and the scraping of its infamous graduation fees, daily AMM volumes have surged past $400 million. Meanwhile, bonding curve activity—the original mechanic behind pump.fun’s token price discovery—has quietly doubled since early March. The platform’s AMM upgrade, launched in March 2025, replaced the legacy graduation fee system with instant graduations, giving tokens an immediate leap into deeper liquidity and faster trading activity.

The choice to eliminate graduation fees and transition to AMM liquidity pools in an automated manner has turned out to be a really lucky and important decision. It has definitely reduced barriers to scale for more tokens. Tokens graduated very early from the bonding curve phase into live market trading (with a few exceptions) under the AMM in April and May. The number of tokens that graduated during this time was very high by historical standards and certainly much higher than during the period preceding the AMM.

Even if AMM volumes seem grossly inflated, this is at base a worrying point: for much of its life, Uniswap has found itself trading at an apparently low revenue multiple—meaning that traders are increasingly using the platform and that it may soon offer a sustainable model. So what is AMM’s next low-potential high-revenue destination?

The pump.fun revival is undeniable in terms of volume. While total platform activity fell as much as 80-90% from its all-time highs during the peak memecoin craze, volumes are climbing again. The pump.fun token ecosystem has regained dominance across Solana DEXs, with its share of overall Solana trading volume rising from a mere 12% in late February to over 35% in April.

This reaffirmation of sovereignty suggests that memecoins—though ephemeral and frequently short-lived—continue to exert a disproportionate sway over on-chain attention and capital. Despite the “rotation fatigue” narrative, where capital swiftly leaps from one token to another, there’s proof that the pump.fun tokens with the highest market caps are starting to show signs of structural strength. The ones with market caps above $1 million are now setting higher lows compared to the levels observed before the U.S. election cycle began heating up last year.

Intel Corp. is a firm that has been known for a long time as the biggest semiconductor maker in the world. Its world headquarters is located in Santa Clara, California, which is part of Silicon Valley. Publicly held, the firm has a lot of stockholders because its shares have been sold to the public for a long time. Moreover, even within the U.S., the firm has many more stockholders than most other firms do because the firm has been selling stocks to many more people for many more years than most other firms have.

As with any memecoin business, this one is super unpredictable and driven just about entirely by how people feel. But this is a business tiptoeing toward a larger vision for how the internet will work in a way that seems a lot more sustainable than just mimicking the financial incentives of Web 2.0. These are some of the contexts in which to place the new era of pump.fun.

To speculators, builders, and even curious onlookers, the platform’s renewed vitality is a signal that in the world of crypto, not just survival but also vigorous aestheticizing of innovation and hype is possible. Pump.fun is alive and well and, once again, riding the meme wave to market euphoria.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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