Practically half of Pump.enjoyable merchants misplaced cash in March as viral on-chain information exposes how few wallets meaningfully profited from Solana’s memecoin frenzy.
Virtually half of merchants on Solana memecoin launchpad Pump.enjoyable ended March 2026 with web losses, in response to a viral Dune Analytics dashboard compiled by pseudonymous analyst @oladee and shared on X. Monitoring roughly 1.4 million wallets buying and selling Pump.fun-issued tokens, the information confirmed that 49% to 50.6% of wallets misplaced cash, whereas a lot of the relaxation scraped by with modest beneficial properties of below $500. When mixed, about 96% of all wallets both completed the month within the purple or made lower than $500 in revenue, underlining how little upside most retail speculators really captured from March’s memecoin frenzy.
Of the wallets tracked, 45.4% to 45.6% booked income capped at roughly $500, leaving solely round 4% of individuals with beneficial properties above that degree. In response to @oladee’s dashboard, simply two wallets managed to appreciate greater than $1 million in revenue in the course of the month, whereas one other small cluster of addresses posted six‑determine losses, reinforcing the “lottery ticket” profile of Pump.enjoyable buying and selling. “Over 50% of Pump.enjoyable merchants ended this month in losses… while you mix wallets that misplaced cash with wallets that made below $500 in revenue, the determine reaches roughly 96% of all individuals,” a abstract of the information famous.
The backlash across the numbers spurred renewed criticism of Pump.enjoyable’s financial design, which routes important charges to token creators and the platform itself whilst most merchants lose cash. In a bid to deal with abuse, Pump.enjoyable introduced on March 24 that it might prohibit creator price modifications, permitting solely a single put up‑launch redirect of price flows earlier than these settings change into completely locked on-chain. Co-founder Alon Cohen mentioned in a put up on X that the replace goals to curb “griefing” and different manipulation, the place creators quietly change who receives charges after a token beneficial properties traction amongst merchants.
The coverage shift comes after Pump.enjoyable emerged as certainly one of Solana’s busiest venues, with every day volumes beforehand topping $2 billion as meme tokens roared again in early 2026. Earlier this month, the platform additionally expanded past pure meme cash, including in-app buying and selling for belongings like WBTC, USDC and Ethereum through Wormhole, and rolling out a “Dealer Cashback” mannequin meant to ship extra price income again to energetic individuals. Nonetheless, with roughly 96% of March wallets both shedding cash or incomes lower than $500, the newest information thread has change into a broadly shared cautionary story about retail memecoin hypothesis on Pump.enjoyable and past.
In a earlier crypto.information story, Pump.enjoyable’s enlargement into broader asset buying and selling and price cashback was framed as an try to shift incentives towards extra sustainable on-chain exercise as memecoin volatility assessments retail merchants’ urge for food for threat.
