Solana trenches revive as 313K tokens created in one week

More than 313,000 tokens were created on Solana launchpads in a single week, the highest weekly total the network has seen in roughly 19 months. The so-called “trenches” are back.

For the uninitiated, “trenches” is crypto shorthand for the chaotic, high-speed environment where brand-new tokens are launched, traded, and mostly forgotten within hours.

Pump.fun still runs the show

The overwhelming majority of these token launches originated on Pump.fun, the platform that has dominated Solana’s memecoin launchpad scene since its debut in early 2024. The platform uses bonding curve mechanics to let anyone create and launch a token with minimal friction.

Other platforms exist in the space. Bags, BONKfun, and Moonshot each contribute smaller slices of the overall launch volume.

Pump.fun has generated hundreds of millions in revenue since launch. Each launch generates fees regardless of whether the token survives its first hour.

The graduation rate for tokens launched on these platforms tells the real story. Roughly 1% or fewer of newly created tokens achieve any meaningful sustained liquidity or trading activity. That means of those 313,000 tokens launched last week, the vast majority will never see a second week of meaningful life.

Trading volume tells a parallel story

The token launch surge didn’t happen in isolation. Solana’s memecoin spot trading volume hit $5.2 billion in a recent week, the strongest reading since late 2025.

All of this on-chain activity has tangible effects on the Solana network itself. Every token launch, every trade, every failed graduation attempt generates transaction fees.

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