The Block data shows that the core metrics of PumpFun, a meme coin issuance platform in the Solana ecosystem, have continued to weaken. Over the past three months, its token Graduation Rate has fallen by about 80% to 0.26%. Since June, daily average revenue has been about $800,000, down more than 80% from about $4.8 million six months earlier. Affected by the cooldown of PumpFun activities, Solana network transaction fee revenue has also dropped from an average of about 33,000 SOL per day in January to about 5,300 SOL in June. The Block believes that some of the funds previously flowing into the Solana meme coin market may have shifted to platforms such as Hyperliquid for trading cryptocurrency, stocks, and perpetual contracts for commodities.