A recent report from Dune Analytics reveals that nearly all traders on Pump.fun, a decentralized platform for Solana-based meme coins, have not achieved over $10,000 in realized profits.
A recent report from Dune Analytics reveals that nearly all traders on Pump.fun, a decentralized platform for Solana-based meme coins, have not achieved over $10,000 in realized profits. Out of 13.55 million wallet addresses on the platform, only 55,296 have made more than $10,000 in profits. The numbers are even more dramatic when it comes to larger earnings. Only 0.048% of users have realized profits above $100,000, and just 0.00217%—roughly 293 wallets—have made more than $1 million.
However, some analysts argue that the data doesn’t fully capture the profitability of Pump.fun traders. On-chain analyst Adam Tehc pointed out that realized profits are only calculated after traders have sold their assets. This means that unrealized profits, where traders are holding tokens that have appreciated but haven't been sold yet, are not reflected in the figures. Tehc noted that even those who’ve realized $10,000 in profit are in the top 0.412% of wallets on the platform.
The platform’s anonymous co-founder, Alon, also weighed in, criticizing the Dune data for failing to account for certain types of transactions. He explained that purchases made after tokens have already bonded to Raydium—the decentralized exchange where Pump.fun tokens are traded—are excluded from profit calculations. This omission, according to Alon, skews the numbers, leading him to believe the actual number of profitable wallets could be much higher.
Alon further explained that unrealized profits play a significant role in the platform’s profitability. For instance, some traders who invested early in tokens like PNUT may have seen their assets grow significantly in value, yet their profits won’t show up in the data until they decide to sell. Additionally, he noted that around 30% of Pump.fun wallets have only made a single transaction, usually a sale, and many of these are likely owned by bots or AI, which distorts the accuracy of the data.
Despite concerns over the data’s accuracy, Pump.fun’s financial performance remains strong. According to Blockchain analytics firm Lookonchain, the platform earned 2,016,391 SOL tokens, bringing its total revenue to nearly $398 million by Jan. 2, 2025. This has occurred even amid a decline in the overall memecoin market cap. Pump.fun has deposited over $300 million in SOL tokens to Kraken and converted $41 million into USD Coin (USDC). The platform has also dominated token creation on the Solana blockchain, making up over 70% of new tokens on certain days.
Though it has faced criticism, including concerns over its livestream feature, Pump.fun continues to play a major role in the Solana ecosystem by making it easier to create and trade tokens. Despite the challenges, the platform remains one of the most influential in the space.
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