Solana Meme Coin Market Slows as Launchpad Graduation Rates Fall Below 1%

The red-hot Solana meme coin market, once bursting with speculative energy, is showing signs of cooling. According to fresh data from Dune Analytics, major meme coin launch platforms are seeing a steep drop in token graduation rates—an indicator of how many projects successfully reach a full launch.

As of May 28, none of the top Solana launchpads, including Pump.fun, LaunchLabs, and Boop, recorded graduation rates above 1%. Pump.fun, which previously dominated the space, now leads with a modest 0.80% graduation rate. LaunchLabs follows at just 0.31%, while Boop lags significantly with only one token meeting launch criteria, amounting to a rate of 0.14%. LetsBonk is the lone exception, posting a slightly higher 1.32%, though it remains below the early-May highs seen across the board.

This drop-off is stark when compared to just weeks ago. Boop, for example, reached a graduation rate of 6.86% on May 17. That kind of momentum now feels distant. The decline reflects a shift in investor sentiment—from frenzied speculation to cautious observation. Trading volumes, community engagement, and project launches are all tapering off, especially when compared to April's boom period when Pump.fun enjoyed consistent weekly growth in both trading and graduation metrics.

The cooling trend suggests that while meme coins on Solana are still being created en masse, fewer are meeting the standards required to proceed to larger decentralized exchanges like Raydium. This indicates not only oversaturation but a drop in project quality or investor enthusiasm—or both.

There are deeper concerns beneath the surface, too. Market watchers cite issues such as price manipulation by bots and waning user confidence, both of which are making it harder for new tokens to gain traction. With fewer standout projects, platforms face increasing pressure to surface tokens that can drive real value and long-term interest.

That said, Solana still holds appeal for meme coin developers and communities. Its low fees and fast transactions provide a strong technical foundation, especially for projects aiming to scale quickly without the friction seen on other blockchains.