- Only 0.048% of Pump.fun wallets realized $100K+ profits, making it exceedingly rare.
- Unrealized profits and excluded Raydium data suggest many more traders could be in the green.
- Pump.fun’s revenue nears $400M despite the memecoin market cap’s recent decline.
Pump.fun, a decentralized platform for creating Solana-based memecoins, has a curious profit landscape. According to Dune analytics, most traders haven’t seen significant realized profits. Only 55,296 wallets out of 13.55 million have surpassed $10,000 in realized gains, making this threshold a major milestone for platform participants.
But here’s the kicker: those pulling in six- and seven-figure profits are even scarcer. Just 0.048% of wallets realized profits above $100,000, while only 0.00217%—about 293 wallets—have achieved $1 million or more. It’s clear that striking it big on Pump.fun isn’t common.
Data Gaps: What the Numbers Don’t Tell Us
Onchain analysts, however, argue that the data might not tell the full story. Analyst Adam Tehc noted that realized profits only account for closed positions—profits made when traders sell their tokens. If traders are holding unrealized gains, these figures wouldn’t reflect them.
Pseudonymous analyst Alon added another layer to the conversation, highlighting how profits calculated before tokens are bonded to Raydium (a decentralized exchange) are often excluded. Alon suggested that the true number of highly profitable wallets might be “an order of magnitude larger” than what’s shown, especially for those who got in early with deep conviction.
Memecoins and Revenue: Pump.fun’s $400M Milestone
Despite a December dip in the memecoin market cap, Pump.fun’s revenue continues to soar. As of early January, the platform has earned 2,016,391 SOL tokens, translating to nearly $398 million. With over $300 million in SOL deposited to Kraken and $41 million converted to USD Coin, it’s clear that Pump.fun is generating substantial liquidity—even if most traders aren’t realizing massive profits.
A Platform of Contrasts
Pump.fun showcases the extremes of memecoin trading. On one hand, profits for the average trader remain modest. On the other, the platform itself is thriving, and data gaps suggest more wallets may be in the green than we realize. As the memecoin market evolves, Pump.fun’s story reflects both its challenges and opportunities.
