Pump.fun activity craters 80%, dragging Solana fees

Activity on the Solana memecoin launchpad Pump.fun has significantly declined over the past three months, with token graduation rates, revenue, and network fees all experiencing sharp drops. The seven-day average of graduated tokens has fallen by 80%, and daily revenue has plummeted from $4.8 million to approximately $800,000. This decline suggests the platform's core function of launching successful tokens has faltered, even as it may be propping up dollar revenue through secondary fee streams like trading fees and sponsored listings.