Pump.fun activity slumps, dragging down Solana network fees

The slowdown on Pump.fun, a Solana-based memecoin launchpad, is intensifying, according to data from The Block. The platform's token graduation rate—the percentage of tokens that meet listing requirements for decentralized exchanges like Raydium—has plummeted by approximately 80% over the past three months to just 0.26%. Consequently, Pump.fun's revenue, which stood at around $4.8 million six months ago, has shrunk to about $800,000 as of June. This decline in activity has also impacted the broader Solana network, where average daily fees have dropped from about 33,000 SOL in January to roughly 5,300 SOL in June.