Pump.fun Slump Deepens as Token Graduation Rate Falls 80%, Hurting Solana Fees
Forecast Trend Report by Period
Deteriorating core metrics at Solana-based memecoin launchpad Pump.fun are spilling over into the broader Solana ecosystem, The Block reported on June 16.
Pump.fun’s seven-day average token graduation rate fell to 0.26% last week, down about 80% from three months earlier. The graduation rate measures the share of newly issued tokens that meet a market capitalization 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 the $4.8 million daily average recorded six months earlier.
Platform revenue in June fell 25% from the previous month, while the graduation rate dropped 53% over the same period. Revenue has been partly supported by ancillary income streams such as trading fees and PumpSwap-related revenue, but the platform’s core function of successfully launching new tokens into the market has weakened significantly.
The downturn has also been reflected in the price of PUMP, the platform’s native token. PUMP has fallen about 40% over the past six months.
Pump.fun’s slump is also weighing on the Solana network. Solana’s average daily fee revenue in June was about 5,300 SOL, down more than 80% from the 33,000 SOL daily average recorded in January.
The market is also seeing capital that once flowed into Solana memecoin trading shift toward perpetual futures markets such as Hyperliquid.
Recent activity in Hyperliquid’s HIP-3 ecosystem appears to support that view. Trading volume in stock-linked perpetual futures has surged, with stock perpetual futures volume on Trade.xyz rising sharply even as Solana memecoin trading activity declines.
