The Solana meme coin market is experiencing a clear cooling period, with meme coin launchpad platforms recording a graduation rate of less than 1% since May 22nd.
This decline reflects investors' caution and a decrease in the speculative fervor that previously drove the market.
Solana Meme Coin Market Decline May 2025
According to Dune Analytics data, major Token launch platforms such as Pump.fun, Boop, and LaunchLab have all dropped to graduation rates below 1%. Specifically, Pump.fun recorded a 0.80% graduation rate as of May 28th.
Meanwhile, LaunchLabs was just 0.31%, and Boop recorded 0.14% with only one Token qualifying for launch. LetsBonk was the only platform to record 1.32%.
Previously, Boop achieved its highest graduation rate of 6.86% on May 17th, which highlights the recent sharp decline in the Solana meme coin market. This decline reflects increased investor caution and the cooling of the speculative wave that once dominated the market.
Notably, Dune data indicates that the Solana meme coin market began showing signs of deterioration from early May. Indicators such as Volume and community engagement failed to maintain growth momentum. In contrast, Pump.fun recorded consecutive Volume and graduation rate increases for three weeks in April.
Sustainability of Solana Meme Coin Market?
The decline in Token launch platform graduation rates indicates market cooling and raises questions about the sustainability of the Solana meme coin market.
Pump.fun recorded a record Volume of $3.3 billion in January 2025 but has a graduation rate of only 0.80%, reflecting intensifying competition between platforms.
LetsBonk showed progress in attracting quality projects but remains behind Pump.fun with a graduation rate of 1.32%. Meanwhile, LaunchLabs and Boop are experiencing clear difficulties with graduation rates of 0.31% and 0.14% respectively, indicating a lack of attractive projects that meet Raydium's launch criteria.
This situation also highlights broader challenges in the Solana meme coin market, such as price manipulation by trading bots and decreased user trust.
Despite these challenges, Solana remains a promising ecosystem for meme coins due to its low transaction fees and smooth user experience.
