The Solana meme market has experienced a downturn, with token graduation rates on major launch platforms falling below 1% since May 22, according to Dune data. As of yesterday, Pump.fun led with a token graduation rate of 0.75%, followed by LetsBonk at 0.48%, LaunchLabs at 0.13%, and Boop with no token graduations. This marks a significant decline from earlier in May when Boop's token graduation rate peaked at 6.86%.