Solana Meme Coin Market Sees Renewed Activity

The Solana ecosystem is showing signs of renewed activity in its meme-coin market. After a slowdown in June, when Pump.fun's seven-day graduation rate dropped to 0.26%, an 80% decline over three months, and average daily revenue fell to about $800,000 from around $4.8 million six months earlier.

PumpSwap, the decentralized exchange linked to Pump.fun, processed about $16.70 billion in volume over the past 30 days, with 30-day fees reaching about $56.2 million and protocol revenue of roughly $10.5 million.

The question is no longer whether money is moving through Solana's meme infrastructure, but who is doing the trading. Despite the increase in activity, the graduation rate remains low, indicating that a large amount of activity can coexist with an extremely small number of successful launches.