Solana’s fee volume has slumped to its lowest level in 2023 as memecoin mania fades. Data from Dune Analytics shows Solana users spent $146,411 on transaction fees during Sept. 12, its lowest level since Dec. 10, 2023. Average transaction fees also tagged a local low of $0.0053 on Sept. 7 to tag a six-month low. For comparison, daily fees posted a record high of $5.08 million on March 18 as average fees spiked to more than $0.06. Declining activity within Solana’s once-frenzied memecoin segment is the primary catalyst for Solana’s falling fee revenue. New token deployments on the PumpFun memecoin launchpad dipped to a six-month low of 4,580 on Sept. 8, down 77.6% from a high of 20,465 just one month ago. PumpFun-related volume on decentralized exchanges (DEXes) slumped to its lowest level since April at $123.1 million on Sept. 7, an 81.7% drop since tagging a high of $674.1 million on June 6. Active PumpFun users also dipped to 35,212 on the same day, its lowest level since early May. Data from DeFiLlama shows daily PumpFun revenue at roughly $425,000, a 92% drop since posting a record of $5.33 million one month ago. A prolonged pullback in DEX activity Solana is also contributing to the network's revenue lull. Solana-based DEXes hosted $535.1 million on Aug. 31 for a six-month low. The price of SOL is up 6.5% over the past seven days, according to The Defiant's crypto price feeds. Rival networks try to capitalize on memecoin mania PumpFun burst onto the scene in January, quickly finding success by offering a code-free platform for lay users to launch crypto tokens. At its peak, the platform boasted the highest daily fee revenue of any web3 protocol or network. The platform’s success recently inspired developers to deploy rival memecoin launchpads on other networks. SunPump launched a Tron-based memecoin launchpad on Aug. 13. While SunPump users launched a record 7,500 tokens on Aug. 21, the platform has since suffered a sharp decline. Just 597 tokens were launched via SunPump on Sept. 12, according to Dune Analytics, with daily revenue crashing 94.3% from $3.65 million to $208,000 over the same period. EtherVista shipped an Ethereum-based memecoin launchpad on Aug. 31. While early investors in EtherVista's VISTA token have made off with exorbitant gains, activity on the platform has consistently slowed since Sept. 2. Daily users have dropped to 2,554 from 9,691, while hourly swaps sank to less than 100 after peaking above 3,500. Three weeks ago, TraderJoe, the largest DEX on Avalanche, confirmed plans to soon deploy its Token Mill launchpad after first teasing the platform in March. The BounceBit Layer 1 also plans to ship a launchpad on Sept. 16.