Odaily reported that Pump.fun, once a dominant Memecoin launch platform in the Solana ecosystem, continues to see its activity weaken. The decline is reflected across several data points, including token graduation rate, platform revenue and Solana network fees. As trader interest shifts away from Solana-based Memecoin launches and toward other trading venues such as perpetual contracts, both Pump.fun’s core operating indicators and related on-chain fee activity have moved lower.
Token graduation rate falls 80% over three months
According to the data, Pump.fun’s seven-day average token graduation rate dropped to 0.26% last week, marking an 80% decline over the past three months. The token graduation rate is used to track whether newly issued tokens can move beyond their initial launch phase and reach a higher market capitalization stage with more active trading. The continued decline in this metric shows that Pump.fun’s core function—helping newly launched tokens progress into higher-valuation stages—has weakened significantly.
The June figures show a similar deterioration. Pump.fun’s revenue has fallen 25% month over month so far in June, while its token graduation rate has dropped 53% month over month. The two metrics are not declining at the same pace: revenue has fallen less sharply than the graduation rate. The source data notes that this gap indicates the platform may still be maintaining part of its dollar-denominated revenue through auxiliary sources such as PumpSwap AMM trading fees and sponsored listings, even as the primary launch-and-graduation function comes under pressure.
Daily revenue falls from about $4.8 million to around $800,000
The revenue change is also substantial. Data shows that Pump.fun’s average daily revenue since the start of June is about $800,000, far below the roughly $4.8 million daily average recorded six months ago. Based on this comparison, the current daily revenue level is only a fraction of the earlier period, and the cooling in platform business activity is occurring at the same time as the decline in token graduation rate.
The downturn is also visible in the price performance of the PUMP token, which has fallen about 40% over the past six months. At the same time, trader interest is moving from Solana on-chain Memecoin launches toward other trading scenarios, including perpetual contracts, further reducing Solana network fees. Taken together, the figures show that Pump.fun is facing simultaneous weakness across platform activity, revenue, token performance and related on-chain fee generation.