Sixty-two thousand wallets just woke up from the dead. After sitting dormant for months, these Solana accounts roared back to life over the past week, drawn by the siren call of memecoins that generated more than $2 billion in weekly spot trading volume.
That reactivation figure represents a 400% increase from the prior week, marking the highest dormant wallet return rate in over a year.
The numbers behind the frenzy
The $2 billion in memecoin volume accounted for roughly 19% of Solana’s total DEX trading activity, which clocked in at approximately $10.6 billion for the week.
Pump.fun, the memecoin launchpad that has become synonymous with Solana’s token creation boom, pulled in $1.21 million in revenue over a single 24-hour period. For context, that figure outpaced Hyperliquid, which brought in around $1.03 million over the same timeframe.
The tokens driving this wave have familiar DNA. $JIMOTHY hit an all-time high market cap of $46.4 million on July 22. $ANSEM reached a valuation of approximately $169 million. $KET sat at around $15 million.
Why dormant wallets matter
Kristen Smith, President of the Solana Policy Institute, captured the dynamic at Breakpoint 2025 when she stated that “Solana is the most used network in the world because of memecoins.”
What this means for investors
The sustainability question looms large. A $2 billion week can be followed by a $400 million week if the viral momentum fades. Traders who arrived late to $JIMOTHY at $46 million market cap are making a very different bet than those who aped in at $500K.
Hyperliquid’s slightly lower 24-hour revenue compared to pump.fun illustrates how memecoin infrastructure is competing directly with established DeFi protocols for attention and capital.