MarketPR
Pump.fun, the Solana-based memecoin launchpad that fueled a significant share of $SOL network fee revenue during its peak, has seen on-chain activity fall 80% over the past three months.
The slowdown is pulling Solana's fee generation lower alongside it, as traders migrate toward perpetual futures — derivatives that let users bet on price direction without holding the underlying token.
The Mechanism Behind the Drop Pump.fun's model is straightforward: anyone can spin up a memecoin in seconds, pay a small fee, and let retail traders speculate on whether it pumps or rugs.
At scale, that churn generated substantial transaction volume on Solana and, by extension, meaningful fee revenue for the network.
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