1,700 wallets misplaced greater than $100,000; solely 311 gained over $1 million.
UK banned the positioning in 2024; a lawsuit was filed towards it in January 2025.
Pump.enjoyable plans to lift $1 billion by means of the upcoming PUMP token launch.
Pump.enjoyable, the Solana-based meme coin launchpad, is going through scrutiny as new knowledge reveals that greater than half of collaborating wallets have suffered losses.
In keeping with a Dune Analytics report cited by BeInCrypto, no less than 60% of pockets addresses that interacted with Pump.enjoyable over the previous six months ended up posting losses.
The findings come simply forward of Pump.enjoyable’s extremely anticipated $1 billion PUMP token launch.
Whereas the occasion has fueled important buzz, it has additionally coincided with recent promoting strain on Solana (SOL), the ecosystem’s base chain.
Thousands and thousands misplaced, few achieve as revenue disparity widens
Of the 4.257 million wallets that traded greater than 10 tokens on Pump.enjoyable, 2.4 million (56.6%) registered cumulative losses between $0 and $1,000.
Practically 1,700 addresses misplaced greater than $100,000, and 46 wallets suffered losses in extra of $1 million.
By comparability, solely about 5,000 addresses remodeled $100,000 in features, and a mere 311 wallets reported income above $1 million.
A breakdown of Might 2025 profit-and-loss knowledge shared by crypto analyst Miles Deutscher on X revealed that over 51% of wallets misplaced greater than $500.
Simply 5 wallets (0.0015%) earned between $50,000 and $100,000, underscoring the sharp imbalance in wealth era throughout the platform.
Most worthwhile wallets gained solely modestly, with 916,500 wallets incomes between $0 and $1,000, additional difficult claims of accessible wealth creation.
Buying and selling bots, scams, and retail threat dominate platform exercise
Pump.enjoyable was initially positioned as an easy-to-use platform the place anybody might launch a meme token on Solana for lower than $2.
Nevertheless, current knowledge casts doubt on its equity and transparency.
Solidus Labs analysis cited in the identical report discovered that 98% of tokens launched on Pump.enjoyable confirmed indicators of fraudulent exercise or lacked actual liquidity. Simply 1.4% of tokens had lively, verifiable markets.
With so few functioning tokens, analysts query whether or not Pump.enjoyable is advancing DeFi adoption or just enabling low-cost scams below the guise of community-driven decentralisation.
Pump.enjoyable’s previous regulatory points have additionally resurfaced. The positioning was banned within the UK in 2024, and it’s at the moment going through a lawsuit filed in January 2025.
The authorized case, nonetheless ongoing, has amplified warning amongst each institutional and retail buyers, significantly because the platform prepares for its high-profile token launch.
Solana hit by selloff forward of $1B token sale
Because the PUMP token prepares to go stay, market contributors are already reacting.
The launch goals to lift $1 billion by means of a community-distributed token mannequin. Nevertheless, the rising anticipation is triggering rotation away from Solana’s native token.
Merchants are reallocating capital to take a position on the PUMP launch, inflicting downward strain on SOL in current weeks.
Deutscher famous in a separate put up that this capital shift displays how buyers beforehand used SOL as a proxy for Pump.enjoyable’s charge era.
Now, with a direct token providing in place, SOL is not mandatory as an middleman asset.
This shift might weaken Solana’s near-term liquidity profile and complicate the community’s broader decentralised finance technique.
Regardless of being a breakout participant throughout the early 2025 meme coin rally, Pump.enjoyable’s trajectory is now marked by important threat.
The narrative of monetary democratisation is undercut by arduous knowledge, which reveals that 312,191 wallets — or 95.6% — both broke even or misplaced cash.
Whether or not the PUMP token can reverse sentiment stays unclear, particularly with regulatory and reputational clouds looming overhead.
