Fresh data from Dune Analytics paints a grim picture for most Pump.fun traders this month. Over half of the tracked wallets ended with losses, while just two wallets crossed the $1 million mark in realized profit. The figures, widely circulated on X, have reignited debate around memecoin trading dynamics.
96% of Participants Earned Less Than $500
Among the losing wallets, the largest group — 671,376 wallets — lost under $500. Another 9,160 lost between $1,000 and $10,000. On the profitable side, 626,417 wallets made between $0 and $500. Combining both loss and minimal profit groups, approximately 96% of all participants netted less than $500 this month. Only 4% earned above that threshold.
Platform Revenue vs. User Losses
While traders struggle, Pump.fun has amassed over $500 million in revenue since 2024, driven by volume-based fees regardless of individual outcomes. Analyst commentary suggests the 4% profitable wallets may skew toward insiders and early deployers with information advantages, though on-chain data alone cannot confirm this.
Why Losses Are So Widespread
Research from Solidus Labs found approximately 98.6% of tokens on Pump.fun have seen liquidity collapse below $1,000, effectively becoming worthless. Out of over 7 million tokens deployed with at least five trades, only about 97,000 maintain meaningful liquidity. With hundreds of thousands of new tokens minted monthly, the odds are structurally stacked against individual traders.
In January 2026, founder Alon Cohen returned to announce Creator Fee Sharing, allowing creators to distribute fees more transparently. In March, Pump.fun expanded beyond memecoins to support WBTC, USDC, and other assets, along with a Trader Cashback model that redirects a portion of fees to active traders. These changes signal platform awareness of incentive misalignment.
The data only captures realized PnL from closed positions; wallets holding unrealized gains are excluded. A significant portion of wallets may also be bots or single-use addresses, which can distort the overall picture. Memecoin trading on launchpads remains high-risk: hundreds of thousands of wallets participated this month, most walking away with losses or negligible gains, while a handful captured the overwhelming majority of returns.