Unknown pump.fun data: 1.4% graduation rate, only 3% of users profit over $1,000
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Unknown pump.fun data: 1.4% graduation rate, only 3% of users profit over $1,000
Revealing pump.fun's real data: token "graduation rate" is only 1.4%, and just 3% of users profit over $1,000.
Navigating Web3 tides with focused insightsBy Karen, Foresight News
What do the real data from the pump.fun platform reveal? What is the "graduation rate" of tokens? How many tokens have reached million or even ten-million dollar market caps? And what about users’ actual profitability? This article will answer all these questions.
In short, pump.fun enables fair launches of Meme tokens—no presale, no team allocations. During the initial phase, tokens trade along a bonding curve within the platform. Once a token surpasses the critical threshold of $69,000 in market cap, $12,000 of liquidity is deposited into Raydium and the associated liquidity pool on pump.fun is burned.
Regarding fees, during the Meme token issuance period, pump.fun charges traders a 1% swap fee, which applies until the token reaches the $69,000 market cap threshold. For token creators, prior to the policy update (before early August), they were required to pay approximately 0.02 SOL as a creation fee, and after hitting the $69,000 threshold, an additional 2 SOL migration fee.
Notably, starting in early August, pump.fun introduced new rules: free token creation and economic incentives for creators whose tokens successfully complete the bonding curve. Under the new model, the cost of creating a token has shifted from the creator to the first buyer. Creators who successfully complete the bonding curve now receive a reward of 0.5 SOL (approximately $80), while the migration fee has been reduced to 1.5 SOL.
Nearly 1.8 million tokens deployed on pump.fun, but "graduation rate" is only 1.4%
According to Dune dashboard data provided by Hashed, nearly 1.8 million tokens have been deployed on pump.fun. Despite significant market volatility and a noticeable decline in Meme token enthusiasm, token deployment activity on pump.fun has not slowed—in fact, it continues steadily.
Further analysis shows that according to a Dune dashboard created by @evelyn233, over the past month, an average of more than 20,000 new tokens were deployed daily on pump.fun. However, only a tiny fraction—between 100 and 200 tokens—successfully launched on Raydium (i.e., surpassed $69,000 market cap, meeting the "graduation" criteria). This means the recent graduation rate on pump.fun remains low, between 1% and 2%, with the overall historical graduation rate across the entire platform standing at just 1.4%. Moreover, many of the "graduated" tokens perform poorly afterward, often seeing their market cap drop close to zero.
What does a 1.4% graduation rate mean? To put it in perspective, compare it to China’s Gaokao 985 admission rates: in 2023, provinces like Shanxi, Hebei, Hunan, and Guangdong all had 985 university admission rates around 2%. Clearly, the odds of a token successfully graduating on pump.fun are extremely slim.
In addition, the most active developer on pump.fun has created as many as 3,357 tokens, yet only 16 of them have graduated. Ten developer addresses have each created over 1,000 tokens. One address, ranked fifth in total creations with 1,915 tokens, has not seen a single one graduate.
The probability of reaching a $10 million market cap is just one in 100,000
Successfully launching on Raydium does not guarantee strong market performance. Observing post-migration trends reveals that while some tokens do transition to Raydium, very few manage to reach million- or ten-million-dollar market caps.
At the time of writing, among nearly 1.8 million tokens deployed on pump.fun, only 18—such as michi, DADDY, BILLY, MOTHER, SCF (Smoking Chicken Fish), TrumpAvega, aura, and SC (Shark Cat)—have exceeded a $10 million market cap. Only 96 tokens have surpassed $1 million in market cap.
This indicates that the probability of a token created on pump.fun reaching a $10 million market cap is roughly one in 100,000, while the chance of exceeding $1 million is about five in 100,000. These figures highlight the intense competition and extremely low success rate inherent in the current Meme token ecosystem.
The proportion of new tokens created via pump.fun is steadily rising
The chart below illustrates the changing ratio of new tokens created through pump.fun versus other newly created tokens on the Solana network. It shows a consistent upward trend, with pump.fun recently accounting for up to 60% of new token deployments.
Total fees collected on pump.fun exceed 0.1% of Solana’s total supply
Total fees accumulated on pump.fun have reached 624,640 SOL, representing over 0.1% of Solana’s total circulating supply—worth approximately $90 million at current prices. Keep in mind, pump.fun has only been live for seven months.
Additionally, according to data compiled by Lookonchain, pump.fun’s fee wallet sold 222,073 SOL at an average price of $160 over the past three months, converting them into 35.54 million USDC.
2.43 million users, with daily active users consistently between 50,000 and 70,000
Data from @jhackworth's Dune dashboard shows that pump.fun has surpassed 2.43 million users. Over the past three months, the platform has maintained high daily active user numbers, ranging between 50,000 and 70,000.
Only 3% of pump.fun users have profited over $1,000
According to statistics by @adam_tehc, if you’ve made over $1,000 in profit, you’re already in the top 3% of earners.
If you’ve earned over $10 million in profit on pump.fun, you rank in the top 6;
If your profit exceeds $1 million, you're in the top 70 (0.0028% of all wallets);
If your profit exceeds $100,000, you're in the top 924 (0.037% of all wallets);
If your profit exceeds $10,000, you're in the top 11,936 (0.477% of all wallets);
If your profit exceeds $1,000, you're in the top 76,587 (3.061% of all wallets).
Update: Lookonchain noted that the claim stating “0.477% of wallets earned over $10,000 on pump.fun” is inaccurate. The top-ranked address on the leaderboard traded only the Meme token HP and earned just 4 SOL.
In summary, despite the current crypto market's relative sluggishness and a slight cooling in Solana’s popularity, pump.fun maintains solid user numbers and high engagement. Based on existing data, as long as the platform sustains its user activity, it is likely to continue generating stable fee revenue.
However, we must also remain clear-eyed about a series of significant challenges. Extremely low token graduation rates, weak post-launch market cap growth, and disappointing user profitability have already significantly undermined user confidence. In the short to medium term, this erosion of trust will directly impact user retention and the platform’s ability to attract new users.
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