99.6% of Pump.fun Traders Haven’t Locked in Over $10K in Profits, Data Shows

Recent data from Dune Analytics reveals that almost all traders on Pump.fun, a decentralized platform for creating Solana-based memecoins, have yet to realize profits above $10,000. However, some on-chain analysts argue that this data does not accurately reflect the full scope of profitability on the platform.

According to the Dune data, of the 13.55 million total wallet addresses on Pump.fun, only 55,296 have realized profits exceeding $10,000. This suggests that the vast majority of traders have not yet reached this level of profit.

Despite this, Adam Tehc, an on-chain analyst from Dune, pointed out that traders who have realized profits above $10,000 represent only a small fraction of the total users, with these wallets making up just 0.412% of all Pump.fun traders. Realized profit or loss is only calculated when traders sell their tokens, which means many traders may still be holding their positions.

Small Percentage Achieves Larger Profits

The data further highlights the rarity of larger realized profits. Only 0.048% of traders have realized profits over $100,000, while just 0.00217% have surpassed the $1 million mark—approximately 293 wallets. This suggests that significant profits on the platform are exceptionally rare.

However, some analysts believe that the data does not present a full picture of the platform's profitability. Alon, a pseudonymous on-chain analyst, suggested in a Jan. 10 post that the Dune data omits certain critical factors. Specifically, buying coins after they have already bonded to Raydium, a decentralized exchange, is not factored into the profit and loss calculations. According to Alon, this means the actual number of profitable wallets is likely much higher than the data suggests.

Unrealized Profits and Strong Revenue

Another key aspect that Dune’s data misses is unrealized profits, which are gains from tokens that have not yet been sold. Alon pointed out that some of the most profitable wallets may belong to traders who purchased tokens very early and are still holding their positions, waiting for further price appreciation. These traders may have substantial unrealized profits that aren’t captured in the realized profit statistics.

Despite these nuances, Pump.fun has seen strong revenue growth. The platform’s revenue has approached $400 million, even as the overall market capitalization of memecoins took a hit in December. On January 2, Blockchain analytics platform Lookonchain reported that Pump.fun had earned over 2 million SOL tokens, pushing its total revenue to nearly $398 million.

As of the latest reports, Pump.fun has deposited over $300 million in SOL tokens to Kraken and converted 41 million USD Coin, further highlighting the platform’s financial success.

A Complex Picture of Profitability

While the data suggests that most Pump.fun traders haven’t realized profits over $10,000, the broader picture is more complicated. Analysts argue that the true number of profitable traders could be much higher once unrealized profits and other factors are accounted for. With Pump.fun’s overall revenue continuing to rise, it’s clear that the platform is experiencing significant success, even as individual traders navigate the volatility of the memecoin market.