Recent data from analytics platform Dune reveals that most users on Pump.fun, a decentralized platform for creating and trading Solana-based memecoins, have yet to realize profits exceeding $10,000. However, on-chain analysts argue that the data doesn’t provide a full picture of traders’ profitability.
Majority of Traders Below $10K in Realized Profits
According to Dune data, only about 0.412% of Pump.fun wallets have realized profits above $10,000. Of the 13.55 million wallet addresses, roughly 55,296 wallets crossed this threshold.
The percentage of traders earning higher profits is even smaller:
- Only 0.048% of traders have realized more than $100,000.
- Just 0.00217%, or 293 wallets, have locked in over $1 million in profits.
Dune analyst Adam Tehc emphasized in a Jan. 10 post on X (formerly Twitter) that realized profits refer to gains after traders sell their crypto holdings.
Analysts Question the Profitability Data
Despite the low percentage of wallets showing significant realized profits, pseudonymous on-chain analyst Alon suggested the figures don’t fully capture the reality. Alon shared on X that buying coins after they are bonded to decentralized exchange Raydium is excluded when calculating profits and losses.
“It’s likely that the true number of profitable wallets is an order of magnitude larger than what the data shows,” Alon argued.
Furthermore, the data doesn’t account for unrealized profits—gains from holdings that traders have yet to sell. Alon added that some of the most profitable wallets belong to users who hold tokens acquired early, reflecting a long-term strategy.
Pump.fun’s Strong Revenue Despite Market Downturn
Pump.fun continues to generate significant revenue even as the overall market capitalization of memecoins has declined. On Jan. 2, analytics platform Lookonchain reported that Pump.fun had earned 2,016,391 SOL tokens, bringing its total revenue close to $398 million.
Key financial highlights:
- Pump.fun has deposited over $300 million in SOL tokens to Kraken.
- It converted 41 million SOL into USD Coin (USDC), showcasing strong liquidity and operational activity.
While most Pump.fun traders have yet to achieve substantial realized profits, the platform remains a significant player in the Solana ecosystem, with nearly $400 million in revenue. Analysts suggest that the actual profitability of wallets could be higher, particularly when unrealized profits and early-stage investments are considered.
