Sometimes it feels like everyone is making money all of the time in crypto, but that’s not the full truth. In fact, just 0.4% of Pump.fun traders have profited $10,000 or more trading on the meme coin platform.
Dune data analyst, Adam Tehc, found that only 55,012 wallets of the over 13.4 million on the platform have realized $10,000 in profit or more—that’s just 0.4% of wallets. As for the mythical crypto millionaire, only 294 wallets have realized a profit of more than $1 million, which is approximately 0.002% wallets on the platform.
“289 Pumpfun millionaires is very low and speaks to the gap between the timeline and reality,” Tech told Decrypt.
This data excludes the purchasing of Pump.fun tokens after they graduated from the platform—currently achieved at a $100,000 market cap. That said, it does include the sale of tokens after graduating, if they were purchased beforehand.
“If they actually tried the platform or spoke to users they’d know that most of the gains are made AFTER a coin [graduates],” pseudonymous Pump.fun co-founder Alon wrote in an X thread after this story was originally published, responding to chatter around the data. “It’s likely that the true number of profitable and extremely profitable wallets is an order of magnitude LARGER than exhibited.”
Plus, Tech admits, figures may be slightly skewed due to the number of bot accounts on the platform. That includes “bump bots” that spam small buys and sells to drive attention to tokens. Alon also wrote that around 30% of wallets that used Pump.fun have placed a single order—a sell order—and thus are unlikely to be human-controlled wallets. That may further skew the data.
While this data seems shocking, five months ago there were just 70 Pump.fun millionaires and 11,936 wallets profiting $10,000 or more.
“Relative to activity, volume, and fees, wallets profiting $1 million, $10,000, or $100,000 are growing at a faster rate,” Tehc explains. “This speaks to trenches maturing. More money flowing to the top dogs.”
Pump.fun is the token launchpad responsible for the creation of over 5.7 million meme coins. Since its January 2024 launch, the platform has brought in over $392 million in revenue and accounted for up to 71% of tokens created on the Solana network.
It has spawned a culture of traders dedicated to battling it out in the trenches hoping to become a Pump.fun millionaire.
Last year, some degens resorted to performing crazy stunts on livestreams to help their tokens pump, so they could make a quick buck. This trend ultimately went too far with animal abuse and a faked suicide hitting the platform, leading to the livestreaming feature being shut down.
Not long after the livestreaming was shut down, UK regulator the Financial Conduct Authority (FCA) issued a warning against the platform. That lead Pump.fun to ban UK users.
Edited by Stacy Elliott
Editor’s note: This story was updated after publication to include comments from Pump.fun co-founder Alon.
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