Solana has reinforced its position as a key venue for token creation, with the network recording more than 200,000 new tokens last week. Most of these additions stemmed from pump.fun, which continues to dominate memecoin launches. However, even with this rapid expansion, Solana is still seeing weak trading revenue and low graduation rates across new projects.
Figures from the Solana explorer Solscan show that Monday, November 10, delivered the busiest wave of launches, ending the day with 31,193 new tokens. Activity eased slightly on Tuesday, closing with 29,127 new additions, before gaining some ground on Wednesday, when 30,574 new tokens entered the network. Thursday and Friday followed with 28,783 and 28,469 launches, showing steady but softer momentum.
The weekend brought a clearer pullback. Saturday wrapped up at 25,611 new launches, and Sunday added 26,312. In total, Solana finished the week with 206,669 newly created tokens. Solscan’s data also shows 129,434 new NFT mints over the same week. Friday led this category with 20,546 mints, closely followed by Tuesday with 19,971.
Much of the volume continues to come from pump.fun, the memecoin-focused launchpad, yet despite the nonstop influx of new projects, only a small share of these tokens sees meaningful activity.
Pump.fun recently moved to shift this trend by introducing an AI-powered feature called Mayhem Mode. The system was created to give new tokens an early lift by automating tasks such as creating new supplies, removing portions from circulation, and executing buys and sells across the network. The team behind it positioned the tool as a way to influence early price behavior and draw more attention from traders during a token’s initial phase.
However, even with this new system in place, the overall pace of creation barely changed. Before the feature went live, pump.fun was already adding roughly 17,300 tokens a day, and after launch that figure inched up only slightly to about 17,800, indicating limited early impact.
Activity on Pump.fun has started to cool, even after Mayhem Mode went live, and this slowdown has contributed to a decline in revenue. The drop in activity has put additional pressure on PUMP, the platform’s native token. Over the past week, PUMP has fallen more than 18%, and although it gained over 4% in the last 24 hours, it remains down more than 73% from its all-time high.
With revenue under pressure, the amount available for token buybacks appears to have slowed. In August, blockchain data showed Pump.fun repurchased 175.3 million $PUMP, worth $705K, within just four hours. So far, the platform has bought back 7.66 billion $PUMP, equal to $30.65 million or 0.766% of the total supply, yet the token’s price continues to fall steeply.
Meanwhile, Solana’s native token has faced its own fluctuations, falling more than 7% over the past week and losing over 22% in the last month, though it has slightly recovered by just over 2% in the past day.
