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.

The pressure is visible in the PUMP token. The token has traded near $0.0015, far below its 2025 highs, reflecting weaker platform activity and lower expectations for future fee generation.

The shift is not just about Pump.fun. Speculative capital has been rotating away from Solana memecoins and toward perpetual futures platforms such as Hyperliquid, where leverage and high turnover have created a more active trading environment.

That rotation has changed where crypto’s risk appetite is showing up. Earlier in the cycle, Solana memecoins absorbed much of the market’s retail speculation. More recently, decentralized derivatives venues have captured a larger share of that activity.

Pump.fun has tried to respond with new incentives and product changes. The platform has adjusted its fee model, introduced creator rewards, expanded beyond its original Solana only focus, and launched Pump.fun GO as it looks for new ways to revive usage.

The buyback program has also become central to the platform’s token strategy. Pump.fun has spent hundreds of millions of dollars buying back PUMP, but the token remains under pressure as revenue and graduation rates weaken.

The bigger issue is structural. Pump.fun’s economics depend on a steady flow of new token launches, active trading, and enough retail demand for those tokens to graduate into deeper liquidity.

That flywheel has slowed. Until token launches convert into meaningful trading activity again, Pump.fun’s revenue, PUMP demand, and Solana’s fee base are likely to remain under pressure.