Top Pump.fun trader's profits near $40 million as Solana memecoin volumes shrink

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.