According to The Block, the trading volume of Pump.fun tokens on Solana has cooled recently, with an average daily trading volume of only $560 million in the past week, setting a new low since Christmas 2024, and a sharp drop of 82% from the single-day high of $3.13 billion three weeks ago. In addition, the Raydium graduation rate for Pump.fun tokens has also declined, with an average of only 1.04% of tokens successfully graduating last week, compared to 1.54% and 1.59% in the previous two weeks. Meanwhile, Jito validator tips on the Solana network also fell from 68,500 SOL ($17.5 million) two weeks ago to 23,800 SOL ($4.8 million) last week, indicating a decrease in transaction activity levels.