Pump.Fun, a protocol that helps crypto users bear and gamble on memecoins, has generated nearly $6.3 million in earnings in the final seven days. That’s more than prolonged-standing initiatives comparable to layer 1 community Solana, decentralized lending venue Aave, and stablecoin issuer MakerDAO.

While Pump.Fun is impending $100 million in cumulative earnings, its users and the tokens minted thru the memecoin manufacturing facility bear no longer considered the same level of success.

Bigger than two-thirds of pockets addresses on Pump.Fun are unprofitable, per a Dune Analytics dashboard created by an onchain analyst going by @Adam_Tehc.

“In the event you’re successful, in point of fact you’re already outperforming most,” wrote @Adam_Tehc on X.

The dashboard created by @Adam_Tehc is wicked, as calculating the earnings-and-loss for every pockets take care of in a total ecosystem is a trouble, and requires making definite assumptions about mark and timing. On the opposite hand, per Andrew Hong, head of developer relatives for Dune Analytics, the dashboard “is overall aloof enormous data work.”

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Runt Chances To Graduate

Shining as users are struggling to generate earnings from procuring and selling memecoins, tokens launched thru Pump.Fun bear handiest rarely ever experienced success. Of the over a million deployed thru the memecoin platform, handiest 32 tokens currently bear a in point of fact diluted valuation (FDV) exceeding $1 million, data from GeckoTerminal reveals.

The tip three tokens by FDV encompass the cat-impressed coin MICHI, social influencer Andrew Tate’s DADDY, and hip-hop artist Iggy Azalea’s MOTHER, which collectively bear an FDV of nearly $140 million.

When a token on Pump.Fun reaches a market cap of $69,000, just among the cryptocurrency’s liquidity is deposited in decentralized alternate Raydium and burned. Of the total tokens deployed, correct over 1% bear graduated from Pump and are promoted to Raydium.

As an instance, in the final 24 hours, 136 tokens reached a market cap of $69,000 and had been attributable to this truth promoted to Raydium out of the 11,743 tokens launched, inserting a token’s possibilities of graduation at 1.2%, per @Adam_Tehc’s dashboard.

The gap between the platform’s earnings and the success rates of its users and tokens illustrates how most memecoin traders “whisk phantom gains, ending up empty-handed,” wrote one X user who goes by @Sexxy_NFT. “A pick few strike gold, fueling the look but the dwelling consistently wins.

“The actual earnings lies no longer in taking half in, but in rising the game itself.”