Raydium’s Memecoin Dominance Under Pressure: Is Pump.Fun’s DEX a Threat?

Raydium has seen its dominance in Solana-based memecoin trading surge to 83% in Q1 2025, despite a decline in overall market activity. This growth is fueled by the exchange’s unofficial partnership with Pump.fun, which generates over 50% of SPL tokens daily and automatically lists them on Raydium once reaching a $69K market cap. However, the launch of Pump.fun’s own DEX poses a potential threat to Raydium’s dominance.