PumpSwap’s weekly trading volume has fallen to its lowest level since December 2025, and the comments are full of “nature is healing.” I took a look, and both sides are just cherry-picking the numbers they like.
That chart from DegenerateNews with 35K views uses DefiLlama’s figures: for the week of October 19–25, volume was around $1.78 billion, compared with a year-to-date peak of nearly $8 billion. Yeah, it looks bad.
But @renderbloom’s chart also uses DefiLlama: over seven weeks, weekly volume fell from $5.25 billion to $2.02 billion, down 62%, while fees barely budged, slipping from $22.2 million to $21.8 million. Volume got cut by 60%, but the money they collect hardly changed. The claim that “nobody’s playing anymore” just doesn’t hold up. My take is that the wash traders left, but the people actually paying fees are still there. Pump is still collecting rent.
The data sources are all over the place, too. DefiLlama puts PumpSwap at $113 million on Saturday, while GeckoTerminal shows $792 million in 24-hour volume for just the top 120 pools on the same day. You’re going to declare it dead based on data that differs sevenfold?
And the other side shouldn’t get too excited either. @18decimals says Pump’s share among Solana’s four major DEXs rose from 11% in 2025 to nearly 50%. But the entire meme market is shrinking. If everyone gets smaller and your share gets bigger, that’s not winning.
The thing that really deserves criticism is what nobody’s talking about: around the same time, a coin called 4AGENT did about $5.9 million in trading volume in a single pool over roughly 55 minutes, with 2,026 buyers and 37 sellers, and then its liquidity went to zero. New contract address, same name, a fresh one launched about every hour (@TrenchRadar_Sol compiled the data).
Low trading volume isn’t the point. What matters is whether you’re the one collecting rent in this machine, or the one paying it.
#PumpFun #Solana
That chart from DegenerateNews with 35K views uses DefiLlama’s figures: for the week of October 19–25, volume was around $1.78 billion, compared with a year-to-date peak of nearly $8 billion. Yeah, it looks bad.
But @renderbloom’s chart also uses DefiLlama: over seven weeks, weekly volume fell from $5.25 billion to $2.02 billion, down 62%, while fees barely budged, slipping from $22.2 million to $21.8 million. Volume got cut by 60%, but the money they collect hardly changed. The claim that “nobody’s playing anymore” just doesn’t hold up. My take is that the wash traders left, but the people actually paying fees are still there. Pump is still collecting rent.
The data sources are all over the place, too. DefiLlama puts PumpSwap at $113 million on Saturday, while GeckoTerminal shows $792 million in 24-hour volume for just the top 120 pools on the same day. You’re going to declare it dead based on data that differs sevenfold?
And the other side shouldn’t get too excited either. @18decimals says Pump’s share among Solana’s four major DEXs rose from 11% in 2025 to nearly 50%. But the entire meme market is shrinking. If everyone gets smaller and your share gets bigger, that’s not winning.
The thing that really deserves criticism is what nobody’s talking about: around the same time, a coin called 4AGENT did about $5.9 million in trading volume in a single pool over roughly 55 minutes, with 2,026 buyers and 37 sellers, and then its liquidity went to zero. New contract address, same name, a fresh one launched about every hour (@TrenchRadar_Sol compiled the data).
Low trading volume isn’t the point. What matters is whether you’re the one collecting rent in this machine, or the one paying it.
#PumpFun #Solana
