Data compiled by Woofun AI shows that Pump.fun has experienced a severe contraction in trading activity, with its 7-day average token graduation rate declining to 0.26% last week. This figure represents an 80% decrease over the past three months, while daily revenue has retreated to approximately $800,000, a stark contrast to the $4.8 million recorded six months ago.

Concurrently, the PUMP token has depreciated by 40% during this period.

This downturn has exerted downward pressure on the Solana ecosystem, where daily network fees have plummeted to 5,300 SOL, significantly below the 33,000 SOL peak observed in January. Analysts attribute this shift to capital reallocation, noting that funds previously engaged in Solana meme coin speculation are increasingly migrating to perpetual contract trading on Hyperliquid, a trend aligned with the rapid expansion of HIP-3.