Have you tested it on another device?
Could be many things from the limited information provided.
Could be DMA transfer settings are corrupted and are not set to full duplex?
Could be issues with OS disk caching? Memory Issues, bad/corrupt usb drivers etc...More tech specs required of the device/PC
Are other storage peripherals acting the same way?
Could it be faulty or fake pendrive? How old is the drive has it been used to full capacity and verified?
What device is it being used on? Can you give some basic tech specs?
Does the speed fluctuations occur when transferring from a specific HDD? or does the issue occur from different storage locations to the pendrive?
I would select a large file to transfer, make sure you know the pendrive's data access speed first.
Then copy the data and time it.
If the data transfer rate fulfills the pendrives speed specs for the data copied, then it's just an optical illusion and I would not worry at this stage.
However, you may want to get good diag software and run it on the device to check it's optimal working capacity is integral and evident.
If speed fluctuations are evident, it may also be possible that your device is suffering from heat exhaustion. When that occurs, the CPU slows down then speeds up etc...
I have experienced people frying their notebooks by resting the machine on their laps/beds and other flat places that suffocate the machine.
Again, more tech specs are required.