Pump.fun, a leading meme coin launch platform on Solana, has seen its transaction activity plummet by 80% over the past three months, leading to a significant decline in Solana network fees. The 7-day average token graduation rate on Pump.fun fell to 0.26% last week, while daily revenue in June dropped to approximately $800,000, down from $4.8 million six months ago. The PUMP token has also decreased by 40% over the past six months. This downturn has affected the Solana network, with daily fees falling to 5,300 SOL in June, compared to 33,000 SOL in January. Analysts suggest that capital previously invested in Solana meme coins is now moving towards perpetual contract trading on Hyperliquid, aligning with the growth of HIP-3.