The trading activity of Pump.fun plummeted by 80% within three months, and the Solana network fees subsequently declined

According to The Block, the activities of Pump.fun, the meme coin launch platform that once dominated Solana, have continued to deteriorate, with token graduation rates, revenue, and network fees all significantly declining. The 7-day average token graduation rate for Pump.fun dropped to 0.26% last week, an 80% decrease over three months. Daily revenue is only about $800,000, far below the $4.8 million from six months ago. The PUMP token has fallen 40% in the past six months. The decline of Pump.fun has affected the Solana network, with daily fees on the Solana network dropping to 5,300 SOL, well below the 33,000 SOL in January. Analysts believe that a large amount of capital that previously participated in Solana meme coins has shifted to perpetual contract trading on Hyperliquid, consistent with the rapid growth of HIP-3.