Pump.fun's token graduation rate fell 80% to just 0.26%, crashing Solana daily fees from 33,000 SOL to 5,300 SOL as traders rotate into perpetual futures.

The platform's fall from grace is best reflected in the PUMP token itself, which is down 40% in the last six months alone.

Pump.fun's token graduation rate fell 80% to just 0.26%, crashing Solana daily fees from 33,000 SOL to 5,300 SOL as traders rotate into perpetual futures.