PumpFun, a Solana-based memecoin launchpad, has continued to lose momentum, with its seven-day average token graduation rate falling 80% over the past three months to 0.26%. The Block reported that June daily revenue was about $800,000, down from $4.8 million six months earlier, while Solana’s daily average network fees fell to 5,300 SOL in June from 33,000 SOL in January. Analysts said capital that had previously flowed into Solana meme coins has shifted toward perpetual futures trading on Hyperliquid, in line with rapid HIP-3 growth, pointing to a broader rotation in speculative activity away from token launches that had helped drive bursts of network usage on Solana.