Solana Memecoin 剖析：pump.fun

2024 年，Solana 區塊鏈在 memecoin 市場經歷了快速擴張，其中 Pump.fun 處於領先地位。

2024 was a year of rapid expansion for the Solana blockchain, particularly in the memecoin market, where pump.fun emerged as the leading platform. The platform quickly captured a large audience seeking fast profits, prompting Crypto.news to conduct an in-depth analysis of the profitability of investing in pump.fun tokens.

2024 年是 Solana 區塊鏈快速擴張的一年，特別是在 memecoin 市場，pump.fun 成為該市場的領先平台。該平台迅速吸引了大批尋求快速盈利的受眾，促使 Crypto.news 對投資 Pump.fun 代幣的盈利能力進行了深入分析。

While a few early adopters did manage to secure profits, the vast majority of investors ultimately lost money. Here's a closer look at the findings and their implications for investors.

雖然一些早期採用者確實獲得了利潤，但絕大多數投資者最終都虧損了。以下是對調查結果及其對投資者的影響的更仔細的研究。

Pump.fun was the clear forerunner in Solana's memecoin ecosystem, holding 50% of the market share. The platform achieved this by streamlining token launches, making them both quick and easy. It also focused on ensuring a fair process for creating and trading tokens, avoiding problems like presales or team allocations.

Pump.fun 是 Solana memecoin 生態系統的明顯先行者，佔據 50% 的市場。該平台透過簡化代幣發行流程來實現這一目標，使其既快速又簡單。它還致力於確保創建和交易代幣的公平過程，避免預售或團隊分配等問題。

To gather data for this article, we used various queries and scripts inspired by Dune analysts @adam_tehc, @hashed_official, and @evelyn233 and developed our own versions.

為了收集本文的數據，我們使用了受 Dune 分析師 @adam_tehc、@hashed_official 和 @evelyn233 啟發的各種查詢和腳本，並開發了我們自己的版本。

Due to the ease of use and the rise in popularity, around 300,000 tokens were created on Solana each month since March 2024. However, not all of these tokens even reach a market cap of $69,000. Over six months, 33,683 tokens made it to Raydium, while a total of 1,883,578 tokens were deployed on pump.fun. This results in a graduation success rate of only 1.79%.

由於易用性和受歡迎程度的上升，自 2024 年 3 月以來，Solana 每月創建約 30 萬個代幣。六個月內，Raydium 上有 33,683 個代幣，而 Pump.fun 上部署的代幣總數為 1,883,578 個。這導致畢業成功率僅1.79%。

Pump.fun further provides a token burning mechanism. Around 100 pump.fun tokens were burned each month, while an average of 13,308 new pump.fun tokens were minted monthly. This puts the net burn rate at around 99.8%.

Pump.fun也提供了代幣銷毀機制。每月約有 100 個 Pump.fun 代幣被銷毀，而平均每月鑄造 13,308 個新的 Pump.fun 代幣。這使得淨燃燒率約為 99.8%。

The statistics for investors on the pump.fun platform paints an even grimmer picture. Out of 29,601,462 total wallets involved, a majority experienced negative outcomes:

Pump.fun 平台上投資者的統計數據描繪了一幅更嚴峻的景象。在涉及的 29,601,462 個錢包中，大多數都經歷了負面結果：

Around 14,987,034 wallets (50.6%) lost less than $100.

大約 14,987,034 個錢包 (50.6%) 的損失不到 100 美元。

Another 8,038,836 wallets (27.1%) lost between $100 and $1,000.

另外 8,038,836 個錢包 (27.1%) 損失在 100 美元到 1,000 美元之間。

Only 1,000,704 wallets (3.4%) managed to lose more than $10,000.

只有 1,000,704 個錢包（3.4%）的損失超過 10,000 美元。

On the other hand, only 5,574,898 wallets (18.8%) experienced profits, and a vast majority of these earned less than $100.

另一方面，只有 5,574,898 個錢包（18.8%）實現了盈利，其中絕大多數的收入不到 100 美元。

The distribution of profits further shows the low probability of winning through memecoin investments. To provide a clearer picture of the probabilities associated with different profit levels on pump.fun, here are some realistic comparisons:

利潤分配進一步表明，透過 memecoin 投資獲勝的機率很低。為了更清楚地了解 Pump.fun 上不同利潤水準相關的機率，以下是一些實際比較：

The probability of losing less than $100 is comparable to rolling a six-sided die and getting a one or a two.

損失少於 100 美元的機率相當於擲出六面骰並得到 1 或 2 的機率。

The probability of making a profit is roughly equivalent to rolling the die and getting a five or a six.

獲利的機率大致相當於擲骰子得到五或六。

The probability of losing more than $100,000 is similar to rolling the die and getting a specific number, like a three.

損失超過 100,000 美元的機率類似於擲骰子並獲得特定數字（例如 3）。

Many individuals are searching for a quick way to transform their financial situations, and stories of random people making huge profits overnight certainly add fuel to the fire. But the harsh reality is that most will lose, often catastrophically.

許多人都在尋找一種快速改變財務狀況的方法，而隨機的人一夜之間賺取巨額利潤的故事無疑會火上澆油。但殘酷的現實是，大多數人都會失敗，而且往往是災難性的。

Instead of gambling on unproven tokens, investors should focus on assets like BTC, ETH, and SOL — assets with a proven track record. These won’t turn $100 into a million tomorrow, but they will grow an individual’s wealth steadily and sustainably. At the end of the day, investing is for making money and not losing. The sooner one abandons the dream of instant riches and embraces this truth, the sooner they’ll start making decisions that truly increase their net worth. Anything else is a reckless path to financial ruin.

投資者不應把賭注押在未經證實的代幣上，而應關注 BTC、ETH 和 SOL 等資產，即具有良好記錄的資產。這些不會將 100 美元變成明天的 100 萬美元，但它們會穩定、可持續地增加個人的財富。歸根究底，投資是為了賺錢，而不是為了虧損。一個人越早放棄一夜致富的夢想並接受這個真理，他們就越早開始做出真正增加淨資產的決定。其他任何事情都是不計後果的導致財務破產的道路。

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only

聲明：本文不代表投資建議。此頁面上的內容和資料僅用於教育目的