TheBlock
Pump.fun's memecoin launchpad, once the engine room of Solana's retail activity, has shed roughly 80% of its token graduation rate over the past three months, with the seven-day average falling to 0.26% last week. Revenue has followed the same trajectory — averaging just $800,000 per day in June so far, against the $4.8 million per day the platform was generating six months ago. The PUMP token itself is down 40% over six months, marking the clearest market read on the launchpad's decline.
Why it matters
The deterioration is broader than Pump.fun's own P&L. Because the launchpad historically accounted for an outsized share of Solana's transaction fee base, its slowdown is now rippling into the L1 itself. Daily network fees on Solana have collapsed to roughly 5,300 SOL per day in June, down from about 33,000 SOL per day back in January — a roughly 84% drawdown in fee revenue. The 25% month-over-month drop in Pump.fun's dollar revenue alongside a 53% drop in graduation rates also suggests the platform is leaning on ancillary streams like PumpSwap AMM trading fees and sponsored listings to keep the headline number propped up, while the core flywheel — turning new token creations into graduated market caps — has structurally broken.
Market impact
The capital that was farming Solana memecoins is showing up elsewhere. HIP-3's build-out on Hyperliquid, with equity perp volume on trade.xyz trending sharply higher, points to a rotation from speculative memecoin launches on Solana into leveraged perpetual trading across crypto, equities, and commodities. For Solana, that means fee compression is no longer a Pump.fun-only story — it's a base-layer revenue problem with no obvious near-term replacement, and a competitive threat from perps venues that didn't exist at this scale a year ago.
Frequently asked questions
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How much has Pump.fun's graduation rate fallen?
The seven-day average of Pump.fun's percentage of graduated tokens fell to 0.26% last week, an 80% decline over the past three months.
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What is Pump.fun's current daily revenue vs. its peak?
Pump.fun has averaged $800,000 per day so far in June, down from roughly $4.8 million per day six months ago. Revenue also dropped 25% month-over-month into June.
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How has Pump.fun's decline affected Solana network fees?
Solana's daily network fees have collapsed to about 5,300 SOL per day in June, down from roughly 33,000 SOL per day in January — an approximately 84% decline.
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Where did the capital that left Solana memecoins rotate to?
Capital that previously farmed Solana memecoins has migrated toward perpetual trading on Hyperliquid, with HIP-3's equity perp volume on trade.xyz trending sharply higher as traders rotate into crypto, equity, and commodity perps.
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How is the PUMP token performing amid the decline?
The PUMP token is down 40% over the last six months, reflecting the market's read on the launchpad's deteriorating fundamentals.
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