Memecoins continue to attract traders to Solana. The profits, much less. Of the 304,161 wallets active over the last 90 days, only 19,003 showed a positive result. This represents 6.25% of followed traders. The median crypto trader loses $120. Even among the winners, big profits remain rare.
In brief
- Only 6.25% of followed Solana memecoin traders made money over 90 days.
- The median trader shows a loss of $120.
- Of the beneficiary accounts, 88% earned less than $100.
Memecoin crypto has few winners
The data covers 304,161 crypto traders active on Solana DEXs during the last three months. However, the network had recently benefited from a surge in activity around memecoins and Pump.fun. The results are less exciting. Only 19,003 crypto wallets ended the period in the green. The other 285,158 do not make it. Nearly 94% of traders therefore lose money. The median loss reaches $120.
The numbers become even more telling when we look at the winners. Among profitable crypto wallets, 88% show a profit of less than $100. A few tens or hundreds of dollars for the majority. The spectacular gains circulating on X therefore represent only a small part of the market.
On-chain data also estimates the group’s losses at $1.26 billion based on observed valuations. The calculation of the rate of profitable traders is based on the profits and losses made. The difference matters for tokens whose liquidity sometimes disappears very quickly.
Only 25 wallets exceed $10,000
Data linked to the FOMO app gives another idea of the distribution. Only 25 tracked wallets made more than $10,000 in profits. Not 25%. 25 crypto wallets. FOMO notably allows newcomers to copy the transactions of certain influencers. The principle facilitates the arrival of traders who have little knowledge of the tokens they are buying.
The result obviously does not guarantee anything. Memecoins have already gone through several tough times this year. In June, Dogecoin, Shiba Inu and Pepe notably accompanied a strong correction in the sector.
On Solana, the cycle goes even faster. New tokens continually appear. Many no longer even try to build a community over several months. They live for a few hours or a few days, attract crypto traders then disappear from the radar. Platforms also make launches easier. Sometimes it only takes a few minutes to create a token and start trading it. Finding someone to buy it for more is another matter.
Pump.fun still makes millions
Trader losses did not make the activity disappear. Pump.fun remains one of the big beneficiaries of the Solana memecoin market. As of August 19, the platform generated approximately $4.4 million in daily fees, its best level since January. It was then among the three protocols generating the most costs.
The model therefore continues to work for the platform. For crypto traders, the outcome differs. Pump.fun had already modified its remuneration system several times. In February, the platform changed its rewards to further favor memecoin traders.
New users continue to arrive despite everything. Robinhood also benefited from this activity. At times, memecoins reportedly accounted for as much as 51% of the activity seen on its new launches. The trend then reversed, with several tokens falling sharply. Same scenario on new platforms supported by influencers. A token rises quickly. The first wallets win. The following try to catch up with the movement. Over the last 90 days, only 6.25% have achieved this.
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