Pump.fun's transaction activity plummeted by 80% in three months, and Solana network fees subsequently declined.

CoinFeed reported on June 17th that, according to The Block, activity on Pump.fun, the once dominant meme coin launch platform on Solana, continues to deteriorate, with token graduation rates, revenue, and network fees all declining sharply. The 7-day average of Pump.fun's token graduation rate dropped to 0.26% last week, a decline of 80% in three months. Daily revenue in June was only about $800,000, far below the $4.8 million six months ago. The PUMP token has fallen 40% over the past six months. Pump.fun's decline has impacted the Solana network, with daily fees in June dropping to 5,300 SOL, significantly lower than the 33,000 SOL in January.