A new wave of meme coin tools is reshaping the Solana ecosystem’s trading activity. DefiLlama data shows that DEX volume has consistently hit at least $4 billion daily since May 12th. In Q1 alone, Raydium captured 50.33% of Solana DEX volume, and Meteora surged into 2nd place with a 13.55% share from a previous 6.77% in Q4 2024. This represents an approximate 100% increase in volume for Meteora, with Raydium still maintaining the lion’s share of volume over the period.
Notably, before the creation of Pumpswap, memecoins launched via Pump.fun migrated to Raydium pools. This dynamic funneled significant volume to Raydium and contributed heavily to its dominance, positioning it as the default endpoint for early memecoin liquidity on Solana.
Meanwhile, the once-dominant Pump.fun is seeing both volume and cultural momentum slip away, raising the question: Is this the end of Pump.fun’s lead as Solana’s default memecoin launchpad?
Raydium Continues to Shine Despite Pump.fun’s AMM Launch
Raydium continues to dominate and has been leading DEX volume for four straight quarters. Even as DEX activity on Solana slowed in March, Raydium held its lead, capturing 41% of the market.
A key driver of this resilience is Raydium’s LaunchLab, an initiative launched in mid-April to recapture memecoin activity flowing to rivals like Pump.fun.
LetsBONK.fun, a product built by the BONK team that routes liquidity and tokens into Raydium pools, effectively filled the gap left by Pump.fun’s creation of Pumpswap. Within 24 hours of launch, letsBONK.fun saw over $90 million in volume, and 2,201 token launches, with 58 tokens graduating into LaunchLab-enabled Raydium pools.
Since launch, letsBONK.fun has delivered strong performance, consistently generating considerable revenue. The platform was already bringing in over 5,000 $SOL in daily revenue just days after going live. The platform's revenue has grown steadily, recently reaching 22,000 $SOL in a single day.
Raydium’s aggressive LaunchLab rollout is widely seen as a direct response to Pump.fun’s pivot from Raydium to Pumpswap. Designed to retain market share and counter Pump.fun’s launchpad and its Pumpswap AMM, LaunchLab has quickly proven effective. Its success has helped restore developer and trader confidence in the Raydium ecosystem and boosted $RAY buybacks.
Meteora’s Meteoric Rise via the Believe App
Meteora, once a niche DEX, experienced explosive growth in Q1 2025, reaching a peak daily market share of 29.71%. Much of this surge came from a wave of high-profile token launches on the platform, including Donald Trump’s $TRUMP and Melania Trump’s $MELANIA. Blockworks data shows that its total monthly volume jumped from $16.3 billion in December to $55.3 billion in January, marking a 239% increase.
However, that momentum stalled in the wake of the $LIBRA and $M3M3 scandals, which led to a sharp decline in user trust and trading activity. More recently, Meteora appears to be staging a comeback fueled mainly by renewed interest via the Believe app. Over the past two days, Meteora climbed to the No.1 spot in daily DEX trading volume, while Pump.fun was the only major platform to see a decline.
Much of Meteora’s recent growth comes from its integration with the Believe app, a viral launchpad that lets anyone launch a memecoin by simply replying to a tweet. Once a token hits a $100K market cap, it moves into DEX liquidity through Meteora pools. Blockworks reports that Believe has rapidly become Solana's third most active launchpad, surpassed only by Pump.fun and letsBONK.fun. Believe has launched as many as 4,000 tokens in a single day.
The simplicity and novelty of Believe’s token creation have drawn significant attention to Meteora’s pools, which now regularly host and support meme tokens born entirely from social engagement. This dynamic has become one of the key drivers behind Meteora’s sustained DEX volume in Q2 2025.
Pump.fun Volume Deflates as Competition Heats Up
Throughout most of 2024, Pump.fun was the undisputed center of Solana's memecoin activity. But by 2025, momentum began to fade. Dune data shows that Pump.fun’s volume fell 63% between January and February, dropping from $119 billion to $43 billion. By March, it had declined 84% from its peak.
In an effort to regain traction, the Pump.fun team launched PumpSwap, its own AMM, in March 2025. While PumpSwap saw some early success, it wasn’t enough to offset the growing memecoin liquidity flowing through LaunchLab and Believe.
On May 12th, Pump.fun also added a revenue-sharing model, allocating 50% of revenue to token creators, in a bid to slow market share loss, but even this might not be enough.
Has Pump.fun Lost Its Crown?
Pump.fun may still hold the cultural crown in Solana’s memecoin scene, but its position as the leading launchpad is no longer secure. Raydium and Meteora have letsBONK.fun and Believe app to thank for drawing liquidity and attention away from Pump.fun and funneling trading volume into each respective DEX.
Raydium’s LaunchLab offers a smooth path from meme token creation to DEX trading and $RAY-based yield. Meteora’s integration with Believe has captured the attention of Twitter-native memecoiners, providing a frictionless way to reach DEX liquidity. Both platforms combine innovative user experiences and AMM mechanics with strategies aimed at long-term growth.
Pump.fun isn’t dead—but it’s no longer alone at the top. Unless it finds a way to reignite community excitement, its lead will continue to erode. As many on X have pointed out, this is the first time Pump.fun’s dominance is facing serious competition, and Pump.fun’s response to this growing pressure will be worth watching.
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