Nearly half of traders on Solana-based memecoin platform Pump.fun ended March in losses, according to on-chain data tracking around 1.4 million wallets.
The data shows 49% to 50.6% of wallets lost money, while most remaining traders recorded gains of less than $500, leaving only about 4% with meaningful profits.
Just two wallets generated more than $1 million in profit during the month, reinforcing the highly skewed outcomes typical of memecoin trading.
“Over 50% of Pump.fun traders ended this month in losses… when you combine wallets that lost money with wallets that made under $500 in profit, the figure reaches approximately 96% of all participants,”
The data summary noted.
The findings have intensified criticism of Pump.fun’s fee structure, which directs a portion of trading revenue to token creators and the platform even as most users incur losses.
In response, the platform introduced changes limiting creator fee adjustments to a single post-launch modification, aiming to reduce manipulation and “griefing” behaviour.
Despite record activity and expansion into broader asset trading, the data underscores the high-risk, lottery-like nature of memecoin speculation for retail traders.
At the time of reporting, Solana price was $83.27.