Viral on-chain data reveals how few wallets profited meaningfully from the Solana meme coin craze, with nearly half of Pump.fun traders suffering losses in March.
According to the viral Dune Analytics dashboard compiled by pseudonymous analyst @oladee and shared on After tracking around 1.4 million wallets trading tokens issued by Pump.fun, the data showed that between 49% and 50.6% of wallets lost money, while most of the rest made do with small profits. 500 dollars. In total, about 96% of all wallets ended the month in the red or with less than $500 in profits, highlighting how little upside most retail speculators actually captured from March’s memecoin frenzy.
Of the wallets tracked, profits of 45.4% to 45.6% were limited to approximately $500, and only approximately 4% of participants earned profits above that level. According to @oladee’s dashboard, only two wallets made more than $1 million in profits during the month, while another small cluster of addresses recorded six-figure losses, reinforcing the “lottery” aspect of Pump.fun trading. “More than 50% of Pump.fun traders ended this month with a loss…When you combine wallets with losses and wallets with profits of less than $500, that number reaches approximately 96% of all participants,” the data summary states.
The backlash over the numbers has spurred fresh criticism of Pump.fun’s economic design, which shifts large fees to token creators and the platform itself, even though most traders lose money. To combat fraud, Pump.fun announced on March 24 that it will restrict creators from changing prices, allowing only one post-launch redirection of a pricing flow before the settings are permanently locked on-chain. Co-founder Aron Cohen said in a post on
The change in direction comes after Pump.fun emerged as one of Solana’s busiest venues, previously exceeding $2 billion in daily volume during the meme token’s explosion in early 2026. Earlier this month, the platform expanded beyond pure meme coins, adding in-app trading of assets such as WBTC, USDC, and Ethereum via Wormhole, and rolling out a “Trader Cashback” model aimed at returning more fee income to active participants. Still, with approximately 96% of March wallets losing money or earning less than $500, the latest data thread serves as a widely shared lesson on retail meme coin speculation at Pump.fun and beyond.
In a previous crypto.news article, Pump.fun’s expansion into broader asset trading and fee cashback was framed as an attempt to shift incentives to more sustainable on-chain activities as memecoin volatility tests retail traders’ risk appetite.
