Pump.fun 创始人 Alon 认为 Dune 报道的数据缺乏准确性

已实现利润是在交易者出售代币、巩固收益或损失时计算的。在 1355 万个 Pump.fun 钱包地址中，只有 55,296 个钱包报告利润超过 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 是一家位于 Solana 的 memecoin 工厂，在其用户中取得了不同程度的成功，最近的分析显示，只有一小部分钱包实现了可观的利润。

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.

链上分析专家 Adam Tehc 表示，“如果您在 Pump.fun 的代币交易中实现了 10,000 美元的交易，那么您就是排名前 0.412% 的钱包。”该指标展示了平台上少数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.

这项利用 Dune 数据进行的分析突显了 Pump.fun 用户之间的收入差异。在 1355 万个钱包地址中，只有 55,296 个钱包报告利润超过 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.

数据进一步显示，只有 0.048% 的钱包实现了超过 10 万美元的利润，而 0.00217% 的精英（仅 293 个钱包）报告利润超过 100 万美元。

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 创始人 Alon 对报告数据的准确性表示担忧，认为这些数据排除了特定的高利润交易。

"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.

“这种分析存在很多问题。首先，也是最重要的，在计算盈亏时不包括在与 Raydium 绑定后购买的代币，”Alon 解释道。

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.

该分析还排除了未实现的利润，这给评估增加了另一层复杂性。盈利能力最高的钱包往往是那些早期投资资产、对自己的选择表现出坚定信念的钱包。许多交易者为了获得更高的收益，继续持有头寸。

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 举了一个例子来说明这个问题，他说：“如果你以 20 万美元的价格买入 Fartcoin，并在今天卖出（回报率超过 4,000 倍），那么你的损益将为 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.

分析强调的另一个有趣的方面是，在 Pump.fun 上仅完成单笔交易（通常是销售）的钱包普遍存在。这些钱包大部分被推断属于机器人或人工智能代理，约占平台钱包总数的 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 通过引入用户友好的代币启动板来促进模因币的创建和交易，在 Solana 的生态系统中发挥了重要作用。

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.

尽管早期存在一些争议，例如滥用平台的直播功能，但 Pump.fun 降低了进入门槛，鼓励更广泛地参与模因币的创建和交易。

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.

这些数据揭示了普通交易者和顶级交易者的经历之间的鲜明对比，展示了 Pump.fun 独特且往往不可预测的领域内可实现的不同程度的成功。