Decline in Pump.fun Popularity Reduces Solana’s Fee Revenue

The total fees paid on the Solana network have dropped to a six-month low amid waning interest in Pump.fun.

On September 7, the network generated approximately 3300 SOL in fees. This figure later rose slightly to 4400 SOL by September 9.

In the second quarter of 2024, the figure often exceeded 10,000 SOL per day.

The decline in fees coincided with a drop in the popularity of the meme-coin platform Pump.fun. Its revenue trend also shows a negative trajectory—on September 6, revenues amounted to just $409,000. By comparison, on July 30, the figure reached $2.31 million.

The platform’s cumulative revenue since launch has exceeded $105 million.

Earlier in September, Ethereum competitor Pump.fun consumed 150 ETH (~$377,000) in gas fees in a single day.