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.
