Pump.fun 創辦人 Alon 認為 Dune 報告的數據缺乏準確性

已實現利潤是在交易者出售代幣、鞏固收益或損失時計算的。在 1355 萬個 Pump.fun 錢包地址中，只有 55,296 個錢包報告利潤超過 10,000 美元。

Pump.fun, a Solana-based memecoin factory, has seen varying levels of success among its users, with a recent analysis revealing that only a small fraction of wallets have realized significant profits.

Pump.fun 是位於 Solana 的 memecoin 工廠，在其用戶中取得了不同程度的成功，最近的分析顯示，只有一小部分錢包實現了可觀的利潤。

According to onchain analytics expert Adam Tehc, "If you've realized $10,000 trading Pump.fun's tokens you're a top 0.412% wallet." This metric showcases the substantial gains achieved by a select few traders on the platform.

鏈上分析專家 Adam Tehc 表示，“如果您在 Pump.fun 的代幣交易中實現了 10,000 美元的交易，那麼您就是排名前 0.412% 的錢包。”此指標展示了平台上少數交易者所取得的巨大收益。

The analysis, which was conducted using Dune data, highlights the disparity in earnings among Pump.fun users. Of the 13.55 million wallet addresses, only 55,296 wallets reported profits exceeding $10,000.

這項利用 Dune 數據進行的分析突顯了 Pump.fun 用戶之間的收入差異。在 1355 萬個錢包地址中，只有 55,296 個錢包報告利潤超過 10,000 美元。

The data further reveals that a mere 0.048% of wallets realized profits above $100,000, while an elite 0.00217%—amounting to only 293 wallets—reported profits exceeding $1 million.

數據進一步顯示，只有 0.048% 的錢包實現了超過 10 萬美元的利潤，而 0.00217% 的精英（僅 293 個錢包）報告利潤超過 100 萬美元。

However, Pump.fun founder Alon has expressed concerns regarding the accuracy of the reported figures, arguing that they exclude specific high-profit transactions.

然而，Pump.fun 創辦人 Alon 對報告數據的準確性表示擔憂，認為這些數據排除了特定的高利潤交易。

"There are many issues with this analysis. FIRST and foremost, buying coins after they have already bonded to Raydium is NOT included when calculating your pnl," explained Alon.

「這種分析存在著許多問題。首先，也是最重要的，在計算盈虧時不包括在與 Raydium 綁定後購買的代幣，」Alon 解釋道。

The analysis also excludes unrealized profits, which adds another layer of complexity to the assessment. Wallets with the highest profitability are often those that invested in an asset early on, displaying strong conviction in their choices. Many traders, aiming for higher gains, continue to hold their positions.

該分析還排除了未實現的利潤，這為評估增加了另一層複雜性。獲利能力最高的錢包往往是那些早期投資資產、對自己的選擇表現出堅定信念的錢包。許多交易者為了獲得更高的收益，繼續持有部位。

Alon provided an example to illustrate the issue, stating that "If you bought Fartcoin at $200k and sold today (a return of over 4,000x), your pnl would be $0."

Alon 舉了一個例子來說明這個問題，他說：“如果你以 20 萬美元的價格購買 Fartcoin，並在今天賣出（回報率超過 4,000 倍），那麼你的損益將為 0 美元。”

Another interesting aspect highlighted by the analysis is the prevalence of wallets that have only completed a single transaction—usually a sale—on Pump.fun. These wallets, which are largely inferred to belong to bots or AI agents, constitute around 30% of the total wallets on the platform.

分析強調的另一個有趣的方面是，在 Pump.fun 上僅完成單筆交易（通常是銷售）的錢包普遍存在。這些錢包大部分被推斷屬於機器人或人工智慧代理，約佔平台錢包總數的 30%。

Pump.fun has played a significant role in Solana's ecosystem by introducing a user-friendly token launchpad that facilitates the creation and trading of memecoins.

Pump.fun 透過引入用戶友好的代幣啟動板來促進迷因幣的創建和交易，在 Solana 的生態系統中發揮了重要作用。

Despite some early controversies, such as the misuse of the platform's live-stream feature, Pump.fun has lowered the barriers to entry, encouraging broader participation in the creation and trading of memecoins.

儘管早期存在一些爭議，例如濫用平台的直播功能，但 Pump.fun 降低了進入門檻，鼓勵更廣泛地參與模因幣的創建和交易。

The data unveils a stark contrast between the experiences of average traders and those at the top, showcasing the varying levels of success attainable within Pump.fun's unique and often unpredictable realm.

這些數據揭示了普通交易者和頂級交易者的經驗之間的鮮明對比，展示了 Pump.fun 獨特且往往不可預測的領域內可實現的不同程度的成功。