Odaily reported that activity on Pump.fun, once a dominant memecoin issuance platform on Solana, has continued to weaken. Several indicators tied to the platform have declined sharply in recent months, including token graduation rates, platform revenue, and Solana network fees. Data shows that Pump.fun’s seven-day average token graduation rate fell to 0.26% last week, marking an 80% decline over the past three months. The figure points to a much lower share of newly issued tokens reaching a higher market-cap stage through the platform.
Graduation Rate Drops to 0.26% as June Revenue Weakens
The revenue side has also changed significantly. According to the data, Pump.fun’s average daily revenue since June has been about $800,000, far below the roughly $4.8 million daily average recorded six months earlier. In June, Pump.fun’s revenue fell 25% month over month, while its token graduation rate dropped 53% month over month. The difference between these two declines shows that the platform’s dollar-denominated revenue has not contracted at the same pace as its graduation rate.
The original report linked that gap to auxiliary revenue sources such as PumpSwap AMM trading fees and sponsored listings. In other words, Pump.fun has retained some revenue streams, but its core function—pushing newly launched tokens into a higher market-value phase—has weakened substantially. For a platform centered on rapid memecoin issuance and filtering, a lower graduation rate directly reflects the cooling of on-chain launch activity.
PUMP Price Falls as Trader Interest Moves Elsewhere
The decline in Pump.fun’s activity is also reflected in the price of the PUMP token. The token has fallen about 40% over the past six months, according to the data cited in the report. At the same time, trader interest has been shifting away from Solana-based memecoin issuance and toward other trading venues, including perpetual contracts. This shift has further pressured Solana network fees. Taken together, the figures show weakening across Pump.fun activity, revenue, token performance, and Solana fee generation.