Key facts
- Pump.fun's token graduation rate has fallen 80% in three months.
- Pump.fun's daily revenue has dropped from $4.8 million to $800,000.
- Solana's daily network fees have decreased from 33,000 SOL to 5,300 SOL.
- Traders are reportedly rotating capital from Solana memecoins to perpetual futures trading.
Activity on Solana's memecoin launchpad Pump.fun has significantly decreased over the past three months, impacting the broader Solana network's fees. The seven-day average of Pump.fun's graduated tokens has fallen by 80% to 0.26%, while its daily revenue has dropped from $4.8 million six months ago to an average of $800,000 in June.
This decline is further evidenced by a 25% month-over-month revenue decrease and a 53% drop in graduation rates in June. The platform's native token, PUMP, has also fallen 40% in the last six months. The breakdown in Pump.fun's core function of launching new tokens into market cap milestones suggests potential reliance on ancillary fee streams like trading fees from PumpSwap AMM or sponsored listings.
The reduced activity on Pump.fun has directly affected the Solana network, with daily fees dropping from 33,000 SOL in January to 5,300 SOL in June. It is also speculated that a substantial portion of capital previously allocated to Solana memecoins has shifted towards perpetual trading on platforms like Hyperliquid, as indicated by the contrasting trends in equity perp volume on trade.xyz.