Recent data from Dune indicates that 99.6% of traders on Pump.fun, a decentralized platform for Solana-based memecoins, have not realized over $10,000 in profits. Of approximately 13.55 million wallet addresses, only 55,296 have moved past this profit threshold, indicating that significant profits are rare. For context, just 0.048% of traders have exceeded $100,000 in profits, with only 293 wallets achieving above $1 million. However, onchain analyst Alon advises that these figures might not accurately represent the true profitable state of traders since unrealized profits and other metrics are not accounted for. Strong convictions in longstanding investments are likely benefiting early buyers, despite a dip in overall memecoin market capitalization. The platform has seen its revenue approach $400 million, aided by the trading of memecoins on the exchange Raydium.

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