Almost all traders on Pump.fun, a decentralized platform for creating Solana-based memecoins, have yet to realize above $10,000 in total profits, according to recent Dune data.
However, an onchain analyst argues that the data doesn’t give a clear picture of how many crypto traders are actually in profits on the platform.
“If you’ve realized $10,000 trading Pump.fun’s tokens you’re a top 0.412% wallet,” onchain analytics platform Dune analyst Adam Tehc said in a Jan. 10 X post. A realized profit or loss is only calculated after traders have closed their position (sold the crypto they hold).
Most pump.fun traders are yet to realize profits above $10,000
According to Dune data, of the 13.55 million total Pump.fun wallet addresses, about 55,296 have realized profits exceeding $10,000.
The data reveals that pulling out six-figure and seven-figure profits was even rarer.
Only 0.048% of traders have yet to realize over $100,000, while just 0.00217% have realized above $1,000,000 — around 293 wallets.
Pseudonymous onchain analyst Alon told their 79,700 X followers in a Jan. 10 X post that “buying coins after they have already bonded to Raydium” is omitted when calculating profit and loss.
“Therefore, it’s likely that the true number of profitable and extremely profitable wallets is an order of magnitude LARGER than exhibited,” Alon said.
Pump.fun sees strong revenue despite memecoin market cap dip
After bootstrapping sufficient liquidity, memecoins minted on Pump.fun are typically traded on decentralized exchange Raydium.
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Alon also said, the data doesn’t take unrealized profit — crypto in profit yet to be sold — into account.
“Some of the most profitable wallets are those that have deep conviction in bags that they picked up very early on,” Alon said.
Meanwhile, Pump.fun’s overall revenue is nearing $400 million despite a downturn in the overall market capitalization of memecoins in December.
On Jan. 2, Blockchain analytics platform Lookonchain reported that Pump.fun had earned 2,016,391 SOL tokens, pushing its total revenue to nearly $398 million.
Pump.fun has reportedly deposited over $300 million in SOL tokens to Kraken and converted 41 million in USD Coin.
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