Solana Meme Coin Market Cools as Launchpad Graduation Rates Drop
Solana’s meme coin frenzy is losing steam, with top launchpads like Boop and Pump.fun seeing steep drops in graduation rates. A shift toward investor caution and quality scrutiny could reshape the market's next phase.
The Solana meme coin market is undergoing a clear cooling phase, with meme coin launchpad platforms recording graduation rates below 1% since May 22.
This decline reflects investor caution and the waning of the speculative frenzy that previously fueled the market.
Solana Meme Coin Market Decline in May 2025
Data from Dune Analytics shows that major token launch platforms like Pump.fun, Boop, LaunchLab, have all seen graduation rates drop below 1%. Specifically, as of May 28, Pump.fun led with a graduation rate of 0.80%.
Meanwhile, LaunchLabs stood at just 0.31%, and Boop had only one token qualifying for launch (0.14%). Only LetsBonk recorded 1.32%.
Token graduation rate. Source:
Dune
Previously, Boop achieved a peak graduation rate of 6.86% on May 17, highlighting the sharp decline in the Solana meme coin market recently. This drop reflects growing investor caution and the cooling of the speculative wave that once drove the market.
Boop’s token graduation rate. Source:
Dune
Notably, Dune data also indicates that the Solana meme coin market began showing signs of deterioration from early May. Metrics such as trading volume and community engagement have failed to sustain their growth momentum. In contrast, in April, Pump.fun recorded consistent increases in trading volume and graduation rates for three consecutive weeks.
Sustainability of the Solana Meme Coin Market?
The declining graduation rates of token launch platforms signal a market cooldown and raise questions about the sustainability of Solana’s meme coin market.
Pump.fun, which previously led the market with a record-breaking $3.3 billion in trading volume in January 2025, has a graduation rate of just 0.80%, reflecting intensifying competition among platforms.
Pump.fun volume. Source:
Dune
LetsBonk, despite progress in attracting quality projects, has a graduation rate of 1.32%, but it still trails Pump.fun overall. Meanwhile, LaunchLabs and Boop face clear difficulties, with graduation rates of 0.31% and 0.14%, respectively, indicating a shortage of compelling projects to meet Raydium’s launch threshold.
This situation also highlights broader challenges in the Solana meme coin market, such as price manipulation by trading bots and declining user confidence.
Despite these challenges, Solana remains a promising ecosystem for meme coins due to its low transaction fees and smooth user experience.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
AI Agents Challenge Traditional Banking Security: 5 Cryptocurrencies Worth Trying as Blockchain Identity Advances
Uber Technologies stock closes 3.43% lower; 15-minute RSI sits at 27.11
Counter-terrorism forces take to the streets, Louvre closes! France erupts in a new wave of protests over the weekend, with turmoil threatening to spread across Europe
France is engulfed in a new wave of violent protests, with 70,000 security personnel deployed urgently and curfews imposed in multiple cities. Macron admits to mishandling the response. Financial markets have sounded the alarm early — the spread between French and German government bonds has surged to its highest level since the European debt crisis, PMI has fallen below the threshold for expansion, luxury shops have boarded up windows, the Louvre Museum has closed, and Paris City Hall estimates losses of tens of millions of euros. The turmoil also threatens to spread across Europe.
Bitcoin Miners Are Fleeing to AI: So Why Is the Hash Rate Surging?
Crypto prices
More
