Pump.fun, long regarded as the primary driver of memecoin activity within the Solana ecosystem, is experiencing a sharp decline in user engagement. Key platform metrics have deteriorated significantly over the past three months, weighing on network revenue and transaction fees.
According to data from The Block Research, the seven-day average graduation rate of tokens launched on Pump.fun fell to 0.26%.
Pump.fun token graduation rate. Source: The Block.
Compared with levels recorded three months ago, the metric has declined by approximately 80%. The platform's financial performance has also weakened considerably.
While Pump.fun was generating roughly $4.8 million in daily revenue at the end of 2025, that figure has dropped to around $800,000 per day in June.
Monthly revenue declined by another 25%, while the share of successfully progressing projects fell by 53%. Analysts believe part of the platform's remaining revenue is now coming from additional sources, including PumpSwap fees and paid token listings.
The downturn is perhaps best reflected in the PUMP token itself, which has lost around 40% of its value over the past six months.
Declining activity hits Solana
Because Pump.fun has been one of the largest sources of activity on Solana, the platform's slowdown has also affected the broader network.According to the report, Solana users generated roughly 5,300 SOL in daily fees during June, compared with about 33,000 SOL per day in January. That represents a decline of more than sixfold.
Analysts attribute the drop not only to fading interest in memecoins but also to changing trader behavior.
An increasing number of market participants are shifting toward perpetual futures trading across cryptocurrencies, equities, and commodities.
Capital rotates into derivatives
Researchers believe a significant portion of the capital that previously flowed into Solana-based memecoin trading is gradually moving to derivatives platforms.Hyperliquid is widely viewed as one of the main beneficiaries of this trend, as it continues to expand both trading volume and market share. Analysts also point to growing activity around HIP-3 and rising volumes on trade.xyz, where perpetual stock contracts have been gaining traction particularly quickly.
Earlier, Pump.fun surpassed $1 billion in cumulative revenue in March 2026, while the team announced plans to expand beyond the Solana ecosystem.
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