- Pump.fun token graduation rates fell 80% in three months.
- Revenue has dropped significantly from peak levels.
- Solana network fees have also declined sharply.
- Traders appear to be moving into perpetual futures markets.
Pump.fun, once the dominant memecoin launch platform on Solana, continues to experience a sharp decline in activity.
The platform's token graduation rate — a key measure of successful token launches — has fallen by roughly 80% over the past three months. At the same time, daily revenue has dropped from approximately $4.8 million six months ago to around $800,000 in June.
While Pump.fun still generates fees from other services, its core launchpad business appears to be weakening significantly. The decline is also reflected in the performance of the PUMP token, which has fallen around 40% over the last six months.
Because Pump.fun played such an important role in Solana's memecoin ecosystem, the slowdown is affecting the broader network. Solana's daily fee generation has dropped from roughly 33,000 SOL in January to around 5,300 SOL per day in June.
Analysts believe much of the speculative capital that previously fueled Solana memecoins has migrated toward perpetual futures trading platforms, particularly Hyperliquid, where trading activity continues to grow.
The trend suggests that traders are increasingly seeking leveraged trading opportunities rather than participating in new memecoin launches, creating a noticeable shift in crypto market activity.
