Analyst Adam Tech from the blockchain analytics platform Dune revealed this week that only 4 out of 100,000 wallets that actively invest in meme coins created with the Solana-based Pump.fun protocol have made over $10,000 in profits.
With over 9,000 followers on his X account, Tehc’s comments lift the veil on the actual success that so-called ‘degens’ have had in the past few months as the meme coin space has grown to surpass a combined market cap of $100 billion at some point in December.
His conclusions were drafted based on an assessment of 13.82 million Pump.fun wallets. Of that total, only 56,330 traders reportedly generated a realized profit ranging from $10,000 to $99,999.
Meanwhile, Tehc’s investigation also revealed that just 294 wallets have delivered gains of over $1 million to their owners. This debunks the myth that Pump.fun is making thousands of millionaires every day with fartcoins and random dog-themed tokens.
Not all analysts on X agree with the outcome of this analysis. The on-chain data analyst alon (a1lon9) noted that the sample does not include any tokens that these wallets bought after they were listed on major decentralized exchanges like Raydium were not included in the profit and loss calculation.
Despite this claim, these numbers are likely a good representation of the overall performance that active traders managed to get from pouring money into any of the thousands of tokens that are minted daily on Pump.fun.
Solana Token Keeps Dropping Sharply After Bull Trap
The growing popularity of meme coins was an important driver for Solana’s rally in 2024 as these assets attracted thousands – if not millions – of investors to its ecosystem amid the success of tokens like Bonk ($BONK) and dogwifhat ($WIF).
Data from CoinGecko shows that the aggregated value of Solana-based meme coins stands at $14.5 billion but has been steadily dropping in the past 7 days with $BONK and $WIF losing 27.2% and 30.5% respectively during that period.
Meanwhile, the price of Solana has kept dropping sharply ever since bulls attempted a break above the descending price channel shown in the chart.
The decline seems to have found a floor in the 200-day simple moving average (SMA), which coincides with a critical horizontal support found at $175 per token.
A break below this level could mark the beginning of a major retreat for Solana ($SOL) in the next few weeks, possibly as the “Trump rally” has exhausted most of its ammunition.
Last week, a positive jobs report exacerbated analysts’ concerns that the Federal Reserve could opt to delay its next interest rate cut as the economy is still performing positively after the third cut.
This Meme Coin Presale Could Do Much Better than Pump.Fun Tokens
The best meme coins from Pump.fun may not have been too profitable for traders, but Wall Street Pepe ($WEPE) is surely attracting a lot of attention lately as this meme coin presale has raised over $47 million from investors in less than two months.
Wall Street Pepe stands out from other similar project as its developing team consists of seasoned traders who are eager to share their tips and valuable insights with token holders to help them get the upper hand in a whale-dominated crypto market.
The $WEPE army will benefit not just from the chance of seeing the value of their assets explode once the token is listed on tier-1 crypto exchanges but also from the exclusive ideas shared by this team with those who invest in the project at this stage.
The $WEPE token is currently available to early buyers at a discounted price of $0.00036647. However, with only 48 hours until the next price increase, you should avoid sitting in the trenches as the project is gearing up to move forward to the next stage as soon as it is convenient.
To buy $WEPE, head to the Wall Street Pepe website and connect your wallet. You can either swap ETH or USDT tokens or complete the purchase by using a bank card.
Don’t miss out on this chance to become a part of the $WEPE army.
