According to recent Dune data, almost all traders on Pump.fun, a decentralized platform for generating Solana-based memecoins, have yet to surpass $10,000 in total profits.
However, one on-chain analyst claims that the data does not provide a clear picture of how many cryptocurrency traders are actually profiting from the platform.
“If you realized $10,000 in token trading on Pump.fun, you are in the top 0.412% of wallets,” Adam Tehc, an analyst at on-chain analytics platform Dune, said in a Jan. 10 X post. Realized profits or losses are calculated only after the trader closes the position (sells the cryptocurrency he or she holds).
Most Pump.fun traders have yet to realize profits of more than $10,000.
According to Dune data, out of a total of 13.55 million Pump.fun wallet addresses, approximately 55,296 have realized profits exceeding $10,000.
Data shows that six- and seven-figure returns have been even rarer.
Only 0.048% of traders have yet to realize more than $100,000, while only 0.00217% have realized more than $1,000,000 (about 293 wallets).
Out of a total of 13.55 million, 293 Pump.fun wallets realized profits of more than $1 million. source: Adam Tech/Dune
Alon, an anonymous on-chain analyst, told his 79,700 X followers in a January 10
“So the actual number of profitable and very profitable wallets is likely to be much larger than indicated,” Alon said.
Pump.fun sees strong returns despite memecoin market cap decline.
After securing sufficient liquidity, memecoins issued by Pump.fun are generally traded on the decentralized exchange Raydium.
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Alon also said that the data does not take into account unrealized profits (profits of cryptocurrencies that have not yet been sold).
“Some of the most profitable purses are those that have deep confidence in the bag they chose very early on,” Alon said.
Meanwhile, despite the decline in Memcoin’s overall market capitalization in December, Pump.fun’s overall revenue remains close to $400 million.
On January 2, blockchain analytics platform Lookonchain reported that Pump.fun acquired 2,016,391 SOL tokens, bringing total revenue to nearly $398 million.
Pump.fun reportedly deposited more than $300 million in SOL tokens with Kraken and converted $41 million into USD coins.
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