Pump.fun's top trader is about to eclipse $40 million in profits despite the memecoin market appearing to dry up.
According to a Dune Analytics dashboard that tracks the top-performing Pump.fun wallets, the top-ranked trader's accumulated profit was $39,826,672 at the time of writing.
This is occurring despite a much softer Solana memecoin market, which has shriveled since a frenzy took hold from November to January. This week, daily volumes dropped from January peaks of $3 billion to about $170 million, a massive 94% reduction.
Memecoin trading volume spikes paralleled the wider crypto market, with bitcoin, ether and top altcoins all shooting up in price as a bull market triggered by Donald Trump's election as U.S. president pushed prices to new highs. Like most cryptocurrencies, bitcoin's price has retreated to about $88,000, down from trading over $100,000 about a month ago, according to The Block Price Page.
While memecoin trading could remain depressed for a while, Pump.fun has made a sizeable impression on the digital assets space. The platform has already generated over $570 million in lifetime revenue.
Plenty of people in crypto, however, are dubious about the benefits of memecoins. Some industry analysts have warned that short-term, hype-driven token projects distract from legitimate innovation in the blockchain space.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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