Solana-based memecoin launchpad Pump.fun recorded over $1 billion in daily trading volume on Monday, according to data from decentralized exchange Jupiter. The platform processed $942 million on Sunday before topping $1.02 billion, coinciding with a broad rally in memecoins.

The surge came as the memecoin sector’s total market capitalization climbed to $83 billion on Sunday, a 30-day high that approached its late July peak of $85 billion. By Monday, the figure stabilized above $80 billion before retreating slightly to $76 billion at the time of writing.

Pump.fun’s DeFi metrics signal growth

Data from DefiLlama showed Pump.fun’s total value locked (TVL) reached $334 million on Sunday, its highest level to date. TVL reflects the value of assets deposited into a protocol’s smart contracts and is often used to gauge user confidence and growth.

In decentralized finance, a higher TVL generally reflects stronger user confidence in a protocol’s security and reliability. The logic is simple: the more assets people are willing to lock up in smart contracts, the more they trust the system to safeguard those funds.

That said, TVL isn’t a guarantee of safety. Protocols with high TVL have historically been prime targets for exploits and hacks, case in point, the $200 million Euler Finance exploit in 2023, which underscored how attackers often go where the money is.

Pump.fun also ranked third in 24-hour revenue among DeFi protocols, surpassing perpetual exchange Hyperliquid for two consecutive days. Only stablecoin issuers Circle and Tether generated higher revenue during that period.

In addition, the platform is expanding its livestreaming product. On Monday, Pump.fun disclosed $4 million in creator rewards, most of which went to first-time participants, according to a company announcement shared on X.

Competitive position in livestreaming

Pump.fun’s co-founder, Alon, recently claimed that its livestreaming feature had overtaken Rumble in average concurrent streams, edging toward 1% of Twitch’s market share and 10% of Kick’s.

These figures have not yet been verified by independent analytics platforms, but the company maintains that livestreaming will be a key driver of its ecosystem growth.

Memecoin rally fuels momentum

While Pump.fun’s recent growth has drawn attention, the launchpad has faced mounting criticism and competition that threaten its leading position. Recent data from DefiLlama revealed that Pump.fun’s revenue dropped below $300,000 on some days, levels not seen since September 2024. Pump.fun’s breakout mirrors renewed investor appetite for memecoins more broadly. Dogecoin (DOGE), the largest token in the category, gained 11%, even as plans for a U.S.-based DOGE exchange-traded funds (ETF) were delayed.

Other tokens, including Memecore (M), Moo Deng (MOODENG), and Dora (DORA), also posted double-digit gains, highlighting the sector’s ongoing speculative momentum.

Overall outlook

Memecoins remain a highly volatile corner of the crypto market. A July research note from Kaiko pointed to memecoins’ “outsized share of trading activity” on Solana as both a growth driver and a structural risk. While Solana’s rapid rise strength is their community-driven projects, there is a caution that the sector’s reliance on speculative trading rather than intrinsic utility raises sustainability questions. 

For now, Pump.fun’s billion-dollar trading days emphasize that memecoins continue to attract liquidity and attention, even amid broader market uncertainty.

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