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.
Nearly half of merchants on Solana memecoin launchpad Pump.enjoyable ended March 2026 with internet 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 info confirmed that 49% to 50.6% of wallets misplaced cash, whereas many of the relaxation scraped by with modest good points of beneath $500. When mixed, about 96% of all wallets both completed the month within the crimson 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 earnings capped at roughly $500, leaving solely round 4% of members with good points above that stage. In accordance with @oladee’s dashboard, simply two wallets managed to understand greater than $1 million in revenue throughout 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… once you mix wallets that misplaced cash with wallets that made beneath $500 in revenue, the determine reaches roughly 96% of all members,” a abstract of the info 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 at the same time as most merchants lose cash. In a bid to handle abuse, Pump.enjoyable introduced on March 24 that it will prohibit creator price adjustments, permitting solely a single submit‑launch redirect of price flows earlier than these settings develop into completely locked on-chain. Co-founder Alon Cohen stated in a submit on X that the replace goals to curb “griefing” and different manipulation, the place creators quietly change who receives charges after a token good points traction amongst merchants.
The coverage shift comes after Pump.enjoyable emerged as one in every of Solana’s busiest venues, with day by 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 property like WBTC, USDC and Ethereum through Wormhole, and rolling out a “Dealer Cashback” mannequin meant to ship extra price income again to lively members. Nonetheless, with roughly 96% of March wallets both shedding cash or incomes lower than $500, the newest information thread has develop into a extensively 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 checks retail merchants’ urge for food for threat.
