PumpSwap, the trading arm of the Pump ecosystem, is suddenly putting up eye-popping numbers as Solana’s memecoin market heats up again.

The spike comes amid the broader “memecoin comeback” trade that’s been building since the turn of the year, especially on Solana. Traders have been rotating into high-beta corners of the market as bitcoin holds above key levels and liquidity improves post-holidays, lifting a basket of meme names across chains.

Data tracked by DeFiLlama shows the Pump DEX ecosystem doing $1.28 billion in volume over the past 24 hours, pushing 7-day volume to $6.15 billion and 30-day volume to $19.69 billion. Cumulative volume is now nearly $176.8 billion, a reminder of how quickly retail flows return when memes catch a bid.

A snapshot from Jan. 5 shows how dominant PumpSwap has become inside its own ecosystem: roughly $1.21 billion of daily volume came from PumpSwap compared with $63.7 million from pump.fun’s older route.

PumpSwap is Pump's built-in decentralized exchange on Solana where newly launched tokens can trade once they “graduate” from Pump.fun. Pump.fun is a Solana memecoin launchpad that lets anyone create a token in minutes, usually with a simple bonding-curve style sale that helps bootstrap early liquidity.

Japan-focused and anime-based tokens seemed to be the flavor for new token issuances in Asian afternoon hours on Tuesday, though these themes can rapidly change based on newer narratives or demographics of users most using the platform at any given time.

But there’s a catch. Despite the record trading, fee generation isn’t exploding the same way. On Jan. 5, fees were about $2.98 million, with around $1.21 million marked as protocol revenue and roughly $881,700 going to holders.

A lot of memecoin trading is fast in-and-out churn, often in low fee pools.

On top of that, competition between Solana venues tends to compress fees as platforms fight to be the default route for swaps.

PumpSwap’s surge is another signal that the market’s “fun” corner is back — and when memes run, they drag the rest of Solana activity with them.

Whether the volume sticks (and turns into meaningful revenue) will depend on how long traders keep playing, and whether this turns into more than a week of meme season noise.