Solana Meme Coin Season Back? Pump.fun Activity Soars As PUMP Spikes 34%

Ben Graham · January 28

Is the Solana meme coin season back? As is well known, Solana is the primary host of meme coin activity, and SOL is very sensitive to this trend. In the last SOL USD bull run in 2024, the explosion of meme coin trading on Raydium, a DEX on Solana, pushed the coin as high as $295.

Like some of the best cryptos to buy, SOL crypto has had a tough start to the year. It sank below $120 in December 2025 before recovering to spot rates. Although traders expect SOL USD prices to recover, even breaking above December highs, there are opportunities to explore in the broader Solana ecosystem.

Presently, all eyes are on PUMP, the token behind Pump.fun, the meme coin launchpad on Solana. PUMP crypto is up +34% in the last week of trading, thanks in part to the resurgence of meme coin activity on Pump.fun.

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PUMP Crypto Rallying, Meme Coin Activity Spikes?

On Pump.fun, anyone can now launch a coin that starts trading instantly, with no presale and no liquidity setup. The launchpad, as mentioned earlier, runs on Solana, where meme coin activity keeps surging as traders chase fast-moving bets.

After a contraction in the second half of 2025, meme coin activity on Solana is surging. The latest data shows that over 37,000 tokens were deployed via Pump.fun in the last 24 hours. This trend is a continuation of the expansion that started on January 22. Six days ago, roughly 22,000 new tokens were deployed; fast-forward less than a week later, and that daily figure has grown by over 15,000.

(Source: Dune)

This shift signals a move from niche “degen” activity to possible mass-market automation, where traders on the sidelines are searching for the next 100x crypto. As expected, the explosion in new token launches coincides with an expansion in the number of daily active wallets, which shot to nearly 300,000 as of January 27. What this suggests is that retail traders are back, “aping” into every token in hopes of striking gold. Interestingly, over +50% of these wallets are new, meaning fresh money is entering Solana and helping pump the PUMP USD price.

(Source: Dune)

Surprisingly, market data shows that more tokens are “graduating” after finishing their bonding curves. Out of the 37,000 meme coins launched, only 302 projects graduated and got listed at PumpSwap, the DEX by Pump.fun. Usually, the graduation rate is less than +1%, and this “spike” is a huge milestone. When there are more “graduates,” it means more tokens are finding traction and attracting real volume rather than dying within the first hour of launch.

(Source: Dune)

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What’s Driving PUMP Crypto and Pump.fun Demand?

While meme coins can be rewarding, most projects die. As data shows, the graduation rate of less than +1% is abysmal, meaning meme coin trading as a whole is more akin to gambling. Regardless, the resumption of activity suggests that traders are ready to bet it all.

Interest in Pump.fun follows the launch of a $3M ecosystem fund to sponsor “Build in Public” projects. The idea is to incentivize higher-quality creators. Additionally, the launchpad introduced dynamic fees, allowing creators to allocate a portion of launch fees to their own wallets. This feature provides an incentive to HODL rather than exiting or rug-pulling other holders.

Introducing the $3,000,000 Build in Public Hackathon

Brought to you by Pump Fund – pump fun’s New Investment Arm

It’s time to completely reimagine how early-stage projects are built and funded.

Learn more pic.twitter.com/l1TJcxv1J0

— Pump.fun (@Pumpfun) January 19, 2026

Furthermore, Pump.fun has been on a buying spree, buying back PUMP tokens. The launchpad uses all its revenue for these buybacks. Since launch, they have generated nearly $1 billion in revenue. Between January 19 and 25, they bought nearly $9M worth of PUMP from the market. This regular buyback creates a “flywheel effect” that drives PUMP prices higher over time.