According to Dune data, the pump.fun token graduation rate has declined for four consecutive weeks. Over the past week (September 15th to 21st), the weekly graduation rate for pump.fun tokens was only 0.6%, close to the all-time low of 0.58% set on July 28th.

In August, the pump.fun token graduation rate rebounded, remaining at 0.8%. Entering September, despite the live streaming sector attracting market attention, the pump.fun token weekly graduation rate plummeted.