Pump.fun Slump Deepens as Token Graduation Rate Drops 80%, Dragging on Solana Fees

Pump.fun’s deteriorating core metrics are starting to weigh on the broader Solana ecosystem, according to a report by The Block.

The Solana-based memecoin launchpad’s seven-day average token graduation rate fell to 0.26% last week, The Block reported on June 16. That was about 80% lower than three months earlier. The metric tracks the share of newly issued tokens that meet a market-cap threshold and move on to formal trading.

Profitability has also worsened sharply. Pump.fun’s average daily revenue in June was about $800,000, down more than 80% from $4.8 million six months ago.

So far in June, platform revenue has fallen 25% from the previous month, while the graduation rate has tumbled 53% over the same period. Revenue has been partly supported by ancillary income such as trading fees and PumpSwap-related earnings, but the platform’s core function of successfully launching new tokens has weakened significantly.

The slump has also been reflected in the price of Pump.fun’s native token, PUMP, which has fallen about 40% over the past six months.

Pump.fun’s slowdown is also affecting the Solana network. Solana’s average daily fee revenue in June totaled about 5,300 SOL, down more than 80% from 33,000 SOL in January.

Some market participants say capital that previously flowed into Solana memecoin trading is moving into perpetual futures markets such as Hyperliquid.

That shift is already showing up in trading activity. In Hyperliquid’s HIP-3 ecosystem, volume in stock-linked perpetual futures has surged recently. Trade.xyz’s stock perpetual futures volume, in particular, has climbed sharply even as Solana memecoin trading activity has declined.