Key Takeaways

• Graduation rates for Solana’s meme coin platforms have dropped below 1% since May 22nd.

• Pump.fun, Boop, and LaunchLabs are all struggling, with only LetsBonk showing marginally better performance.

• Investor caution is rising due to oversaturation, bot manipulation, and diminishing returns.

• Solana’s core strengths, including low fees and ease of use, still make it a viable platform for meme coin activity.

• A shakeout phase may be necessary before sustainable, high-quality meme projects can thrive again.

A Sharp Decline For Solana’s Meme Coin Market

The steep decline indicates rising investor caution and signals the end of the speculative frenzy that previously dominated the space.

According to Dune Analytics, meme coin launchpad platforms such as Pump.fun, Boop, LaunchLabs, and LetsBonk have seen drastic drops in token graduation rates.

Solana’s Meme Coin Graduation Rate

Source: Dune

These rates reflect how many tokens reach the threshold required for public launch, often measured by community backing and trading activity.

Graduation Rates By Platform

• Pump.fun: 0.80%

• LaunchLabs: 0.31%

• Boop: 0.14% (only one token launched)

• LetsBonk: 1.32%

While LetsBonk leads slightly, the overall market trend is clear: meme coin projects are failing to graduate, a stark contrast to earlier periods of explosive growth.

Previously, Boop reached a peak graduation rate of 6.86% on May 17th, underscoring how quickly the sentiment in the Solana meme coin space has shifted.

Early Signs Of Market Fatigue

Data suggests that the downturn began in early May. Metrics like daily trading volume, token graduation frequency, and community participation started to taper off.

Moreover, just one month prior, platforms such as Pump.fun were recording back-to-back weeks of increased volume and project launches.

Pump.fun’s April Highs Vs. May Lows

In April 2025, Pump.fun dominated the meme coin market with continuous growth, thanks to a surge in user-generated projects and high trading activity.

Pump.fun Volume

Source: Dune

However, its graduation rate has since plummeted to 0.80%, despite once boasting a staggering $3.3 billion in trading volume in January 2025.

What’s Behind The Drop In Meme Coin Launches?

Increased Competition & Lower Project Quality

The boom in early 2025 led to an oversaturation of meme coin projects. Platforms now face fierce competition, making it difficult for lower-quality or under-promoted coins to gain enough traction for graduation.

Rising Skepticism & Lower Investor Confidence

Investors have also become much more selective. Burned by high volatility and poor returns from many short-lived projects, they are less willing to back random meme coins with little to no utility.

Challenges From Bots & Market Manipulation

Bot-driven price manipulation has similarly hurt investor trust, further dampening enthusiasm. As platforms work to combat these issues, some users are choosing to sit on the sidelines.

Is Solana’s Meme Coin Market Sustainable?

While the decline in graduation rates may seem alarming, it’s not necessarily a death sentence for the meme coin scene.

The Strengths Still Holding Firm

• Low transaction fees.

• Fast and smooth user experience.
• Vibrant community and developer ecosystem.

If the ecosystem can weed out low-effort projects and encourage innovation, the meme coin segment may yet evolve into a more mature and sustainable market.

FAQ

What is a graduation rate in the context of meme coin launchpads?

A graduation rate measures how many meme coin projects reach the platform’s minimum threshold (usually based on trading volume or liquidity) to be officially launched or listed on a decentralized exchange.

Why are Solana meme coin graduation rates dropping?

Graduation rates are falling due to increased project saturation, investor fatigue, and reduced market speculation. These factors make it harder for new tokens to gain traction.

Is this the end of meme coins on Solana?

Not necessarily. While the market is cooling, the fundamental appeal of Solana, namely speed, low fees, and a strong user base, continues to support future meme coin potential.

What does this mean for investors?

Investors should exercise caution, conduct due diligence, and avoid jumping into speculative tokens without clear utility or community support.