Solana (SOL) trading shifts to Jupiter DEX, Pump.fun fees slow down

Trading on Solana (SOL) is shifting again to existing assets, boosting the performance of Jupiter DEX. At the same time, Pump.fun is slowing down, as the new launches of risky tokens lose their appeal. 

Solana (SOL) trading is shifting to tokens outside Pump.fun, as the new launch narrative is dying down. Jupiter DEX rallied forward with a peak day of fees, signaling increased activity. At the same time, Pump.fun sank to position 9 for generating daily fees, as traders left the ‘trenches’. 

Jupiter DEX achieved $10.88M in daily fees, as activity returned near all-time high levels. Jupiter remains one of the key Solana infrastructure projects, as it offers routing, optimization and some automated trading tools. 

Pump.fun activity returned to its levels from November 2024, round-tripping its post-election hype season. The platform returned to around $2.1M in daily fees, which are 100% retained as revenues for the team. 

The main difference is that Jupiter will use a part of its revenues to buy back JUP, thus paying back to the community. Pump.fun, on the other hand, periodically sells all SOL proceeds through Kraken. In 2025 to date, Pump.fun cashed out 1.323M SOL valued at $260M. 

The platform has generated over 1M SOL in lifetime fees, which have been sold even at peak prices. Following the latest sale, SOL stabilized around $140.04, for now abandoning its sliding trend. 

Interest in Pump.fun slowed down even as the platform tried to carry trading pools after tokens graduated from the bonding curve. The move was supposed to replace Raydium and turn Pump.fun into a DEX. Raydium saw its activity slow down, as daily revenues sank to $1.68M, from peaks above $10M daily. Solana bot activity also slowed down and shifted to other networks. The chain now carries 82% of bot users, down from a peak of 89%. Ethereum and BNB Smart Chain now drew in up to 15% of trading bot activity, signaling a shift in liquidity distribution. 

After the recent rug pulls from CAR ,   LIBRA and other celebrity tokens, Solana DEXs shifted their balance. Currently, Meteora is the leading DEX, using the newly minted USDC. Jupiter’s routing service is busier, as token activity split between Raydium, Orca, and Meteora. 

The recent shift to using Jupiter may signal a return of liquidity, which could flow into other projects. Solana still holds $11.59B in stablecoins, which may shift the balance of tokens and DeFi projects in the ecosystem. 

Are meme launches on their way out?

At the beginning of 2025, nearly 300K active daily wallets were involved with the Pump.fun trenches, where new tokens fought to gather 85 SOL and graduate to trade on Raydium. As of February, the daily active wallets are down to around 125K, of which only a handful are launching new tokens. 

New launches also diminished, from a peak over 70K new tokens, down to around 25K daily. As of February 26, Pump.fun launches crashed to under 10K, though there are still new attempts to maintain the memecoins trend. 

In the past meme cycle, several types of meme tokens were created, and some did not last long. Cult tokens so far survive and increase their holders, despite trading at a lower range. Copycat tokens that ride on TikTok trends also lasted less than two weeks. 

Official celebrity tokens that followed the example of Official Trump (TRUMP) caused the market to peak, but also brought some of the deepest losses. Searches for ‘meme token’ peaked on January 21 and fell off the radar just days after the TRUMP launch. Official country tokens dealt the final blow on the market, as LIBRA drained up to $100M of trader liquidity.

Despite the recent losses, the meme wave established Solana as the go-to ecosystem for token launches. The high level of DEXs and meme token activity stress-tested the entire ecosystem, including the Phantom wallet and side services. 

There are also signs that token platforms are still in demand, though traders are looking for more vetted tokens and fair distribution. Meme activity on alternative networks has picked up, including BNB Smart Chain, SUI, and Sonic (formerly Fantom).

Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now