Odaily reported that Pump.fun, once the dominant Memecoin launch platform on Solana, has continued to see its activity deteriorate. The latest data points to a broad decline rather than weakness in only one metric: token graduation rate, platform revenue and Solana network fees have all dropped noticeably in recent months. These figures show that activity around issuance and trading on the platform has cooled at the same time.
Token graduation rate drops 80% in three months
According to the data, Pump.fun’s seven-day average token graduation rate fell to 0.26% last week, representing an 80% decline over the past three months. The token graduation rate is an important metric for observing whether newly issued tokens on the platform can move into a higher market capitalization stage. Its sustained decline indicates that the number of tokens launched through Pump.fun and then advancing further has decreased sharply, weakening what has been the platform’s core Memecoin issuance function.
The revenue side has also weakened. Since June, Pump.fun has generated average daily revenue of about $800,000, far below the average daily level of about $4.8 million recorded six months earlier. After entering June, Pump.fun’s revenue fell 25% month-on-month, while its token graduation rate fell 53% month-on-month. The gap between the declines in these two metrics shows that the platform’s dollar-denominated revenue has not fallen by the same magnitude as the token graduation rate.
Auxiliary revenue and the decline in PUMP
This difference suggests that Pump.fun may still be maintaining part of its dollar revenue through auxiliary sources such as PumpSwap AMM trading fees and sponsored listings. However, the change in the graduation rate shows that the platform’s ability to push newly issued tokens into a higher market capitalization stage has weakened significantly. In other words, auxiliary revenue can still support part of the revenue performance, while the original core function used by traders is under pressure.
The decline of Pump.fun is also reflected in the price of the PUMP token, which has fallen about 40% over the past six months. At the same time, trader interest is shifting away from Memecoin issuance on Solana toward other trading scenarios such as perpetual contracts. That change has further pushed down Solana network fees. Taken together, the data shows simultaneous movement across Pump.fun’s activity level, revenue structure, token performance and Solana on-chain fee dynamics.