PumpFun, a decentralized exchange (DEX) known as PumpSwap, has experienced substantial activity and growth in April 2025. Since its launch on March 19, PumpSwap has achieved a weekly trading volume of $2.5 billion, marking a 40% increase week-over-week, with daily volumes peaking at $417.8 million and over 6.1 million swaps recorded on April 12. Despite the high volume of token launches on the platform, the graduation rate remains low. For example, on April 18, 35,334 tokens were launched, but only 271 graduated. Similarly, on April 19 and 20, the number of tokens launched decreased from 33,450 to 29,000, while daily token graduations declined from 262 to 232. Corresponding revenues from PumpFun also showed a downward trend, falling from $1.77 million on April 19 to $1.59 million on April 20. The platform's LaunchLab, integrated into Raydium Protocol's public dashboard, tracks token launches and graduations, with approximately 32 tokens having graduated out of around 3,000 created on the launcher, reflecting a graduation rate of about 1%. Among the top coins launched recently by market capitalization are $CHINAFUN ($9.85 million), $OKINTAMA, $KLARNA ($4.65 million), and $DOGNALD. Meanwhile, Raydium has introduced an emission tool called LaunchLab to support token launches and graduations. The platform continues to attract memecoin traders, contributing to its rapid growth and trading volume expansion.