It appears the memecoin risk appetite is back.
According to blockchain analytics firm Artemis, the number of returning users on the memecoin creator platform Pump.fun has hit a record high of nearly 20K.
These were traders (wallets) that hadn’t been active for about six months until recently, suggesting the memecoin trenches were waking up again.
Source: Artemis
Memecoin has been the key driver of overall Solana DEX volumes and, by extension, the native token SOL. As a result, the renewed speculative interest in memecoins may be a tailwind for both PUMP and SOL.
As such, AMBCrypto further explored how the recent resurgence of memecoin appetite has impacted these two assets.
Pump.fun’s activity and revenue double
In January, DeFiLlama data showed that Pump.fun’s DEX volume doubled from $45 million to $106 million. Over the same period, the generated revenue expanded 2x from $700K to $1.5 million.
Source: DeFiLlama
Since over 90% of the collected revenue ends up buying back PUMP tokens, the early 2026 traction has been net positive to PUMP price action.
The token has exploded nearly 77% from the December low of $0.0017. At press time, it traded at $0.0031.
In fact, as of mid-January, the PUMP buyback program climbed to nearly $11 million on a weekly average, hitting levels last seen in September before broader market sentiment soured.
Source: Blockworks
In other words, the memecoin mania was slowly creeping in, and PUMP’s explosive recovery was one of the telltale signs.
But did the traction spill into the broader Solana ecosystem?
A recent AMBCrypto report showed stablecoin supply on Solana printed a record high in January.
At the same time, memecoins’ share in Solana’s DEX volumes surged to 63%, underscoring that the risk appetite was indeed rekindled in early 2026.
The results? SOL’s price fronted a 16% recovery but erased some gains at the time of writing.
What’s next for PUMP and SOL?
The above correlation was a testament to how impactful memecoins are on Solana and SOL’s price dynamics. Should the memecoin demand pick up momentum, this could bolster PUMP and SOL’s recovery outlook.
In particular, for SOL, such a move may be confirmed by defending the $120 support with $140 and $170 as immediate upside targets. This would translate to 16% and 42% potential gain, respectively.
For PUMP, a decisive reclaim of $0.0037 as support would open up a possibility of eyeing $0.004 and $0.005, representing a potential 20% and 50% gain.
Source: PUMP vs SOL price, TradingView
Final Thoughts
- Pump.fun’s volumes and revenue doubled in January, scaling buybacks and driving PUMP’s price up by 76%
- The renewed memecoin appetite could boost SOL’s recovery if broader market sentiment improves.
Source: https://ambcrypto.com/pump-rallies-as-pump-fun-usage-doubles-can-solana-ride-the-memecoin-wave/
