Svmuu News: Pump.fun, Solana’s once-dominant memecoin launchpad, has seen its activity continue to decline, with token graduation rates, platform revenue, and Solana network fees all dropping significantly in recent months. Data shows that Pump.fun’s seven-day average token graduation rate fell to 0.26% last week, marking an 80% decline over the past three months. Meanwhile, the platform’s average daily revenue from June to date has been approximately $800,000, far below the average daily level of about $4.8 million six months ago. Since the start of June, Pump.fun’s revenue has fallen by 25% month-over-month, while its token graduation rate has dropped by 53% month-over-month. This discrepancy suggests that while the platform may still be maintaining some of its USD revenue through ancillary sources such as PumpSwap AMM trading fees and listing sponsorships, its core function—the ability to propel newly issued tokens to higher market capitalization levels—has significantly weakened. Pump.fun’s decline is also reflected in the price of the PUMP token, which has fallen by approximately 40% over the past six months. Meanwhile, trader interest is shifting from memecoin launches on the Solana chain to other trading scenarios, such as perpetual contracts, further driving down Solana network fees.