Solana’s memecoin trenches are showing signs of renewed activity, with dormant traders returning, memecoin volumes climbing, and newly launched tokens attracting significant speculative interest.
The number of dormant wallets returning to Solana DEXs surged to 62,000 last week, an increase of more than 400% from the previous week. The figure marked the highest level of returning users in more than a year.
Memecoins also generated more than $2 billion in spot trading volume last week, accounting for roughly 19% of Solana’s total spot volume. Data from Blockworks shows Solana DEXs recorded approximately $10.6 billion in total spot volume, with memecoins contributing about $2.06 billion.
The renewed activity comes even as $SOL itself faces broader market pressure, suggesting traders are still willing to take on risk in specific corners of the ecosystem.
Pump.fun Overtakes Hyperliquid in Daily Revenue
The resurgence has arguably benefited pump.fun the most. The Solana-based launchpad generated approximately $1.21 million in 24-hour revenue, surpassing Hyperliquid at roughly $1.03 million over the same period.
Pump.fun continues to attract fresh trading volume with each viral launch.
$JIMOTHY Hits $46.4M as Viral Raccoon Goes Viral
One of the clearest examples of the renewed speculation is $JIMOTHY, a memecoin inspired by an unusually shaped raccoon that recently went viral online.
$JIMOTHY reached an all-time-high market cap of $46.4 million yesterday, July 22, before retreating. The token currently trades at around a $29 million market cap.
Jimothy, the raccoon behind the token, became an internet sensation after Kiana Hall spotted the animal in Seattle’s Ballard neighborhood on July 13. Experts believe the raccoon may have a rare congenital spine condition that gives it a distinctive short, round body, although it otherwise appears healthy.
Hall recorded the raccoon and posted the clip online, where it quickly attracted millions of views.
Anonymous developers capitalized on that viral attention by launching $JIMOTHY on Pump.fun last week. The token gained visibility through Pump.fun’s trending page before the platform’s official X account reposted it.
$KET and $ANSEM Highlight Broader Memecoin Rally
$KET has also emerged as another notable mover in Solana’s renewed memecoin activity. The token climbed to an all-time-high market capitalization of approximately $15 million before retracing to around $8.39 million. Meanwhile, $ANSEM has sustained its traction since its launch “revived’ the trenches, with the token currently trading at a $169 million valuation. Although $ANSEM is a KOL-affiliated token, the return of animal-related memecoins suggests risk-taker trenchers/traders have returned to Solana.
The renewed activity reflects the role memecoins continue to play in driving Solana usage. Speaking to SolanaFloor at Breakpoint 2025, Solana Policy Institute President Kristen Smith argued that “Solana is the most used network in the world because of memecoins.”
Whether that activity develops into a sustained memecoin cycle will depend on whether returning traders remain active after the latest wave of viral launches fades.
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