Solana Meme Coin Mania Loses Steam as Launchpad Success Rates Tumble

Another day, another crypto hype cycle running out of gas. Solana’s meme coin frenzy—once the golden goose of degenerate gamblers—is showing cracks as launchpads struggle to graduate projects.

The free-money carnival stalls

Where lambo dreams once flowed like cheap champagne, now we’re seeing the sobering reality of vaporware projects failing to stick the landing. Launchpads—those springboards for the next ’1000x gem’—are quietly shelving more trashcoins than ever before.

Darwinism comes for crypto (again)

Surprise—turns out dog pictures with rocket emojis don’t constitute sustainable tokenomics. As the market flushes the weak hands, even Solana’s low fees can’t save projects that never had a reason to exist beyond pump-and-dump Telegram groups.

Just another Wednesday in crypto—where the house always wins, and retail investors keep playing musical chairs with their rent money.

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%.

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.

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.

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.