Pump.fun’s “graduation rate” has fallen even worse than the coin price—has the summer of meme coins truly ended, as funds have shifted to trading contracts?

CryptoWorld News, The Block data shows that the core metrics of the Solana ecosystem meme coin issuance platform Pumpfun continue to weaken. Over the past three months, its token graduation rate has dropped by about 80% to 0.26%, and since June, the daily average revenue has been approximately $800k, down more than 80% from about $4.8 million six months ago. Due to the cooling of Pumpfun activities, the Solana network's transaction fee revenue has also decreased from an average of about 33k 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 like Hyperliquid for trading cryptocurrencies, stocks, and perpetual contracts on commodities.