Over 99% of Pump.fun Traders Miss the $10K Mark

A staggering 99.6% of traders on Pump.fun, a platform for Solana-based memecoins, haven’t managed to lock in profits above $10,000, according to recent data from Dune Analytics. Despite this, some argue the numbers don’t tell the full story.

“If you’ve realized $10,000 trading Pump.fun’s tokens you’re a top 0.412% wallet,” said Adam Tehc, an onchain analytics expert.

Realized profits are calculated when traders sell their tokens, solidifying gains or losses. Of the 13.55 million Pump.fun wallet addresses, only 55,296 wallets have reported profits exceeding $10,000.

Source: Dune

The data paints an even bleaker picture for six-figure earners. Merely 0.048% of wallets have realized profits above $100,000. The elite few with profits exceeding $1 million—just 0.00217%—amount to only 293 wallets.

Profits Misjudged — Pump.fun Founder Challenges Dune Data

Pump.fun founder Alon argues that the reported figures lack accuracy. He says the data excludes specific high-profit transactions, which could distort the overall picture. Alon clarified that profits and losses fail to account for coin purchases made after bonding to Raydium. Consequently, the true count of profitable wallets may surpass the reported estimates.

“There are many issues with this analysis. FIRST and foremost, buying coins after they have already bonded to Raydium is NOT included when calculating your pnl,” Alon explained. 

Unrealized profits, referring to assets retained without sale, are excluded from calculations, adding complexity to the assessment. Wallets with significant profitability often belong to individuals who invested in assets early, demonstrating strong confidence in their choices. Many traders, motivated by the prospect of higher gains, continue to hold their positions.

Alon emphasized an example involving an individual who acquired PNUT tokens for $40,000 during the initial phase and retained them. Despite substantial appreciation in token value, the profit-to-loss ratio would still indicate a negative outcome.

“If you bought Fartcoin at $200k and sold today (a return of over 4,000x), your pnl would be $0,” said Alon.

Another layer of complexity arises from the nature of wallet activity on Pump.fun. A significant portion of the platform’s wallets—about 30%—have only completed a single transaction, typically a sale. Many of these wallets appear to belong to bots or AI agents, further muddying the waters regarding actual user activity and profitability.

Pump.fun Still Dominates Solana

Pump.fun has significantly influenced Solana’s ecosystem by introducing a user-friendly token launchpad that simplifies memecoin creation and trading. Pump.fun has not been without controversy, with some disturbing abuse of its early live-stream feature, however, the platform has reduced entry barriers, encouraging broader participation. The data reveals a stark disparity between average traders and top-performing participants.

Despite challenges in the memecoin market, Pump.fun has maintained a strong position in the Solana network, generating nearly $400 million in revenue. Blockchain analytics platform Lookonchain reported on January 2 that the platform had accumulated 2,016,391 SOL tokens, bringing total earnings to approximately $398 million.

Recently, Pump.fun deposited over $300 million in SOL tokens to Kraken, converting $41 million into USD Coin (USDC). It dominates token creation on Solana, accounting for over 70% of all tokens on one Saturday and 69.5% the next day. Its streamlined process enables token creation within minutes, requiring no technical skills, solidifying its leading role in Solana’s ecosystem.