Burwick Law has initiated legal proceedings against Pump.fun on behalf of investors who suffered losses from the platform's meme coin trading activities.
Burwick Law has announced legal action against Pump.fun on behalf of investors who lost money trading meme coins on the platform.
The firm's announcement comes as Pump.fun generates a weekly volume of $2.2 billion, according to on-chain analyst Adam Tehc's Dune dashboard.
A recent report based on Dune Analytics data tracking Pump.fun showed that out of 14 million wallet addresses on the platform, only 57,144 users have realized profits exceeding $10,000, while just 298 wallets—approximately 0.00217%—have made over $1 million.
On-chain analyst Adam Tehc, however, argues that the data doesn't accurately reflect the number of crypto traders who are truly profitable on the platform.
“If you've realized $10,000 trading Pump.fun's tokens, you're a top 0.412% wallet,” on-chain analyst Adam Tehc said in a Jan. 10 X post. Realized profits are only calculated after traders have sold their assets.
Alon, the platform's anonymous co-founder, challenged the Dune data's accuracy, stating it excludes purchases made after tokens are bonded to Raydium, the decentralized exchange for Pump.fun tokens.
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