Data compiled by Woofun AI shows that Pump.fun, the prominent Memecoin issuance platform on Solana, has experienced a sharp contraction in core metrics over the last quarter. The average daily token graduation rate plummeted to 0.26% last week, marking an 80% decline from three months prior.

Concurrently, platform revenue averaged approximately $800,000 daily since June, a stark contrast to the $4.8 million average recorded six months ago. In June alone, revenue retreated by 25% month-over-month, while the graduation rate dropped by 53%. This divergence suggests that while ancillary income streams like PumpSwap AMM fees and launch sponsorships persist, the platform’s primary function of driving new tokens to higher valuations has significantly weakened. The PUMP token price has also fallen roughly 40% over the past six months, reflecting broader shifts in trader interest away from Solana-based Memecoin issuances toward perpetual contracts and other trading scenarios.