Though it has just been seven weeks since its March 19 debut on Solana’s Pump.fun launchpad, PumpSwap has already processed more than $18 billion in trades and pushed its total value locked past $100 million.
Daily trading this month has consistently stayed above $500 million, with nearly 500,000 wallets active on May 5, according to Dune Analytics—a 30 percent jump since April that defies earlier warnings of a memecoin cooldown.
A big part of the activity is coming from traders jumping in and out of new tokens quickly, helped by fast and simple crypto wallets that connect directly to Solana apps. With easy access and a smooth user experience, it’s become much simpler for people to join early, move funds around, and react to the market as meme coins shift direction.
However, despite SOL’s impressive performance, some skepticism remains regarding the sustainability of its business model. Sygnum and other experts have raised concerns about the blockchain’s heavy reliance on the volatile memecoin sector for revenue.
While institutional investors tend to prioritize stability and security, which has often kept Ethereum in the spotlight, Solana still has its share of supporters. SRx Health Solutions made headlines last week by acquiring over $1.5 million in Solana tokens as part of its broader asset diversification strategy, which includes allocating up to 10% of future earnings into crypto and precious metals like Bitcoin and gold.
The timing of SRx’s move isn’t lost on market watchers. Bitcoin has just cleared the $100,000 mark again—its first time since January—fueling a fresh wave of speculation that it could break past its all-time high before the end of the month.
The momentum comes as political scrutiny intensifies: a new proposal by Senate Democrats would ban U.S. presidents from holding or promoting crypto, a clear response to the Trump campaign’s sudden embrace of Bitcoin donations and token platforms.
Institutional capital is pouring in just as regulators step up scrutiny, creating a split-screen moment—soaring volumes on one side, mounting legal pressure on the other.
At the same time, the Federal Reserve has offered no clear signals on easing rates, further muddying the waters for traditional markets. With treasury yields stuck and inflation still above target, capital is continuing to spill into higher-risk, high-upside assets—including crypto.
On-chain activity reflects the shift. Solana’s network has seen transaction throughput climb to over 1,000 TPS sustained, dwarfing Ethereum’s current rate and reinforcing its position among younger traders and retail flows.
What’s different now is how much of that traffic is tied to real capital movement. PumpSwap’s design, which allows anyone to spin up a token in seconds, has created a hyperactive micro-economy that’s chaotic but sticky, drawing developers, speculators, and opportunists all at once.
Still, there’s tension under the surface. Solana’s validators are racing to keep pace with the activity, and any network hiccups could invite fresh skepticism.
And while memecoins are dominating headlines, the underlying infrastructure—wallet UX, liquidity tools, token routing—is quietly evolving. Even institutional desks that once dismissed Solana as “retail noise” are now running pilots through it, often behind closed doors.
The next phase, according to multiple analysts, will hinge not just on price movement but also on narrative control. If Trump continues to pull crypto into the political mainstream, and if corporate players like SRx keep allocating real capital, we’re looking at a market that isn’t just speculative.
The guardrails are still missing, but the money’s already flowing.
