Pump.fun’s slowdown is starting to show up across Solana’s network economics.
The Solana memecoin launchpad’s seven day average token graduation rate fell to 0.26% in the week of June 16, an 80% decline over three months. The metric tracks how many tokens launched on Pump.fun make it to an automated market maker after completing the bonding curve.
The drop marks a sharp reversal for one of Solana’s most important applications. Pump.fun helped drive the chain’s memecoin boom by letting users launch tokens quickly and cheaply, turning speculative retail activity into a major source of fees for both the platform and the network.
Solana’s average daily network fees have fallen to about 5,300 SOL in June from 33,000 SOL in January, an 84% decline. Pump.fun’s reduced activity is one of the main drivers of that pullback, alongside a broader cooling in memecoin speculation.
Pump.fun’s own revenue has also fallen sharply. The platform averaged about $800,000 in daily revenue in early June, down from several million dollars per day during stronger market conditions earlier in the cycle.
