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▲ Solana (SOL)
The profitability of traders on Pump.fun, a Solana (Solana, SOL)-based memecoin launchpad, has shown significant improvement since the beginning of 2026. While most traders recorded monthly losses from April 2024 to the end of 2025, analysis suggests that the market participation structure has changed, with the proportion of profitable wallets rapidly increasing since the beginning of this year.
Cryptopotato reported on May 10 (local time), citing CoinGecko data, that Pump.fun traders are reaching a turning point in 2026 after a long period of underperformance. From April 2024 to the end of 2025, most traders who closed positions on Pump.fun ended each month with losses. During this period, the proportion of profitable wallets rarely exceeded 50%, falling to as low as 30.1% in June 2025.
The trend began to shift from early 2026. The percentage of profitable traders on Pump.fun reached approximately 57% in February, rose to 70% in March, and further to 73.3% in April. However, most of the profits in April were concentrated in the small-amount range.
According to CoinGecko, as of April, the largest group consisted of wallets that made between $1 and $500 in profit, with approximately 2.05 million wallets falling into this range, accounting for 65.1% of the total. Wallets that made between $500 and $1,000 in profit numbered 87,000, representing 2.8%, and wallets that recorded profits of $1,000 or more numbered 169,000, making up 5.4%.
Similarly, the loss range was also concentrated in small amounts. Wallets that incurred losses between $1 and $500 numbered 793,000, accounting for approximately 25%. Wallets with losses between $500 and $1,000 were 22,000, or 0.7%, and wallets with losses of $1,000 or more were 24,000, or 0.8%. Cryptopotato stated that the concentration of both profits and losses in the small-amount range reflects the characteristic of memecoin trading, where small amounts of capital are frequently invested.
The improvement in profitability was also analyzed to be related to the exit of weaker participants. Pump.fun's monthly active wallets peaked at 5.2 million in May 2025, then decreased to 1.8 million by December of the same year. CoinGecko assessed that this decrease could be seen as an exodus of a broad base of retail investors, and the recovery in wallet numbers since early 2026 could signify the return of a more selective and experienced trader base.
Changes in Pump.fun's token policy also drew attention. Pump.fun announced last week that it had burned all previously repurchased PUMP tokens and introduced a new buyback and burn program, funded by 50% of future net sales. The project stated that the value of the burned tokens was approximately $370 million, representing 36% of the circulating supply.
Pump.fun had been facing issues of trust regarding business sustainability, certainty of buybacks, and the method of utilizing repurchased tokens. Cryptopotato reported that this measure aims to reduce uncertainty through a future community-first approach.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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