FOMO, Pump.fun Perp DEXes See Surge in Daily Active Traders

The more telling signal is where the activity is coming from: meme coin venues extending into perpetuals rather than dedicated perp DEXes winning new users. FOMO's volume-to-trader ratio suggests a small base trading large size, while Pump.fun's record trader count on far thinner volume points to a retail-heavy, lower-conviction crowd. That mix matters because perpetuals concentrate liquidation risk on exactly this kind of user base. Whether these trader counts hold beyond a single session, and how much of the volume is sticky rather than event-driven, is the open question.