Pump.fun loses momentum and puts pressure on Solana's activity in 2026.

• Pump.fun reports a sharp drop in revenue and activity.
• Solana sees network rates plummet due to lower demand.
• Hyperliquid attracts capital previously directed to memecoins.

Pump.fun, a platform that has become one of the main drivers of the memecoin market on the Solana network, is going through a period of significant slowdown. Recent data shows a significant reduction in the platform's ability to transform new launches into projects that reach relevant market value milestones, while revenue and user share continue to decline.

The average token graduation rate on Pump.fun has fallen to 0,26% in recent days, representing a reduction of approximately 80% compared to levels seen three months ago. This indicator measures how many launched tokens manage to meet the necessary requirements to advance within the platform's ecosystem.

The downturn is also reflected in the financial results. In June, Pump.fun's daily revenue was close to US$800, well below the approximately US$4,8 million recorded six months ago. On a monthly basis, revenue fell by 25%, while the token graduation rate showed an even more intense contraction of 53%.

The difference between these figures suggests that some of the revenue may be coming from other sources, such as trading fees generated by PumpSwap, the automated exchange linked to the platform, as well as potential revenue related to sponsored listings. Meanwhile, Pump.fun's main proposition, based on the creation and growth of new tokens, shows clear signs of weakening.

The performance of the PUMP token follows this trend. Over the past six months, the asset has accumulated a depreciation of nearly 40%, mirroring the reduction in activity within the platform.

The impact wasn't limited to Pump.fun. Since the platform was responsible for a significant portion of the transactions carried out on Solana during the memecoin boom, the slowdown also affected the blockchain. Fees generated by the network fell to around 5.300 SOL per day in June, a far cry from the approximately 33 SOL per day recorded at the beginning of the year.

Part of this capital appears to be migrating to other segments of the cryptocurrency market. Among the destinations pointed out by analysts is Hyperliquid, which has been registering growth in perpetual contract trading. The advancement of the HIP-3 program and the increase in the volume of operations involving stocks, commodities, and cryptocurrencies on trade.xyz indicate a shift in investor interest, who previously concentrated a large part of their activity on Solana's memecoins.