Pump.fun Traders Are Making a Comeback

Monthly Share of Traders with Positive vs. Negative Realized Gains (April 1, 2024 – April 30, 2026)

Among traders who have exited their positions on Pump.fun, losing money was the norm. From April 2024 through late 2025, the majority of active traders on Pump.fun walked away from each month in the red, with the share of profitable wallets rarely exceeding 50% and bottoming out at just 30.1% in June 2025. Interestingly, the dynamic appears to have shifted; February 2026 saw 56.8% of its traders in profits, growing to 70.0% and 73.3% in March 2026 and April 2026 respectively.

How Much Did Pump.fun Traders Make in April 2026?

Profit tiers of most wallets remained modest, with gains being concentrated at the lower end. The largest single group of profitable wallets: 2.05M wallets (65.1%), made between $1 and $500 for the month. A further 87K wallets (2.8%) profited between $500 and $1,000. At the very top, 169K wallets (5.4%) recorded profits exceeding $1,000. This is a meaningful cohort in absolute terms, but still a small fraction of total active wallets.

On the loss side, the damage was similarly skewed toward smaller amounts. 793K wallets (25.2%) lost between $1 and $500, while only 22K wallets (0.7%) suffered losses between $500 and $1,000. The final cohort, 24K wallets (0.8%) suffered more than $1,000 in realized losses. The concentration of both gains and losses in the sub-$500 tier reflects the small-size, high-frequency nature of memecoin trading, where participants typically deploy small amounts of capital.

Methodology

1. This study only accounts for Realized PnL; this means that it excludes bagholders who never sold their tokens even if it crashes to zero. We understand that this understates losses, but a study on historical pricing data including unrealized PnL was deemed unfeasible for this short study. For a broader PnL snapshot that includes unrealized positions, refer to this Dune Dashboard. Note that it only covers the current month.

2. Buy/sell flows across all tokens are netted at the wallet level. A wallet that bought Token A and sold an unrelated Token B in the same month would appear profitable even if Token A is still held. Per-token accounting would be more precise.

3. USD pricing on Dune Solana (amount_usd) is derived and can be missing, stale, or distorted for illiquid tokens — particularly short-lived memecoins. This affects the accuracy of individual trade valuations but is unavoidable without a custom price oracle.

4. Regarding Jan–Mar 2024 data, while Pump.fun was incepted in January 2024, the data from those time periods is near-empty as these were Pump.fun's earliest months with minimal trading activity, so the chart begins from April 2024.

5. Bot and wash trading activity has not been filtered out, which may inflate wallet counts and trading volumes.

If you cite these insights, we would appreciate a link credit to this article on CoinGecko or our Dune Analytics Dashboard, which allows us to keep supplying you with useful data-led content.

This study is for illustrative and informational purposes only, and is not financial advice.

Conclusion

The shift in early 2026 is the most intriguing finding in this dataset. While we cannot conclusively explain this reversal, we hypothesize it reflects a natural exodus of unprofitable traders from the platform. This is supported by the continuous decline in monthly active wallets from its peak of 5.2M in May 2025 to 1.8M in December 2025. This decline can be seen as the exit of the broader retail crowd and subsequent recovery in wallet counts from early 2026 onward implies the return of a more selective, experienced trader base, naturally shifting the profitability distribution in their favour.

Raw Data

While the data can be found on Dune, we have attached the raw data below for easy reference.

Table 1: Monthly % of Pump.fun + PumpSwap Traders Profitable vs. Loss (Apr 2024 – Apr 2026)

Table 2: Pump.fun + PumpSwap Trader PnL Tier Breakdown by Wallet Count (Apr 2026)