Onchain trading terminals processed $6.35 billion in transactions last week, reaching their highest volume since January 2025. This significant increase was primarily driven by two leading trading applications, Fomo and gmgn’s trading bot, which collectively accounted for 70% of the total activity.
Fomo facilitated $2.38 billion in trades, while gmgn’s trading bot handled $2.07 billion. Other platforms also saw substantial engagement, with Pump.fun’s application managing $489.5 million and basedbot processing $450.5 million in volume during the same period. This concentration underscores the growing impact of specialized trading applications on the onchain market.
The surge in trading volume was largely propelled by the introduction of new meme coins and infrastructure tokens that quickly surpassed $100 million in market capitalization. The PONS token also contributed significantly, soaring to over $600 million in market cap and boosting activity, particularly within the Robinhood Chain ecosystem.
While the current weekly volume of $6.35 billion is a notable increase, it remains approximately 20% of the peak activity observed in early 2025, when single decentralized exchange (DEX) sessions alone reached $45 billion. For context, total DEX volume across 787 tracked protocols was $9.18 billion on a given day and $217.33 billion over 30 days, reflecting a modest 1.81% rise over the week.
Pump.fun has been actively incentivizing its ecosystem, distributing between $300,000 and $1 million daily in callout rewards over the past week. Data suggests these fee rebates are likely being reinvested within the ecosystem, potentially contributing to the sustained high volume metrics on these trading applications.
Despite the substantial increase in trading terminal activity, the market faces uncertainties regarding its future trajectory. It remains unclear whether this surge represents a temporary peak or the beginning of a sustained trend. While speculative events, such as the launch of a coin by Hunter Biden, have occurred, the available data does not yet suggest a definitive market top. The continued distribution of significant creator rewards by platforms like Pump.fun and Fomo could be a key factor in maintaining ecosystem engagement and trading volume in the near term, though the long-term outlook remains subject to evolving market dynamics and user behavior.
Why This Matters
The materials describe a narrow update: Onchain trading terminals recorded $6. Whether the current trading volume represents a local top.
Broader Context
Source materials place the market analysis in this context: Morning Minute is a daily newsletter written by Tyler Warner.
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