A crypto trader has managed to make quite a nice living by creating hundreds of tokens every day on Solana meme coin launchpad Pump.fun.
The trader, identified only by their Solana wallet “MNhB,” has profited more than $840,000 by launching 17,794 tokens over the last three months, according to available data on Dune. They’ve been profitable on 79% of those trades, data site GMGN shows.
Such a thing would have been scandalous in the crypto world just over a year ago—a dev pumping out token after token after token, never spending any amount of time or attention on their creations, and cashing in on each launch as quickly as possible. But it’s all now par for the course on the meme coin wonderland that is Pump.fun.
Pump.fun is a launchpad that allows anyone to create a crypto token, at zero cost, after filling in a few simple boxes. Users can opt to purchase a portion of the token supply they created so they can trade the token. Trading begins nearly instantaneously, and if the token reaches a $100,000 market cap, it will “graduate”—meaning it can then be traded outside of Pump.fun on decentralized exchanges. If that happens, the token creator is rewarded with 0.5 SOL, worth roughly $115 today.
Our dedicated deployer is looking to play this system, reducing their need to trade by launching thousands of tokens and hoping that one hits. And for this meme coin creator, some have.
According to GMGN, the dedicated deployer’s single best trade was on a token called Cooker—a meme coin the trader created that was supposedly meant to donate a portion of its supply to a crypto influencer of the same name. In this case, the wallet “MNhB” bought $8,410 of the token at launch and sold it via three transactions less than two minutes later, profiting $16,400 in total. In this time, the token had skyrocketed 866% to a market cap of nearly $139,000.
This is a pattern that the wallet follows on all token launches reviewed by Decrypt, sometimes selling within seconds.
This strategy isn’t always the most profitable, though, and came back to bite the dedicated deployer when his creation Rapid Response (RR) skyrocketed to a $7.3 million market cap after he sold for $25 profit. In doing so, the trader fumbled more than half a million dollars in potential profit, according to data site Paperhands GM.
It’s worth noting, however, that the token likely wouldn’t have increased in value as sharply if the wallet hadn’t sold. Meme coin traders don’t like it when a token deployer still owns a large portion of the total supply, so a dev dumping is, ironically, bullish in meme land.
This trader has also received 75 SOL, worth roughly $17,247, as a result of their tokens graduating and receiving a 0.5 SOL reward each time, according to data on Solana block explorer Solscan. The wallet’s earliest reward was received in November, so assuming it started deploying tokens around this time, this would mean the wallet has created nearly 200 tokens a day for three months.
Across the wallet’s entire trading history, it has profited $842,100, primarily from trading its own token launches—with some normal meme coin flipping in its early days. As Coinbase Director Conor Grogan noted in a post on X, it appears the wallet goes inactive for hours at a time before launching dozens of tokens each day. This suggests the wallet is controlled by a human user and not a bot.
“Their activity just seems too ‘human’ based on how they nail coins in current metas and how they go about buying and selling,” Pump.fun’s pseudonymous co-founder Alon told Decrypt.
“I'd be tempted to say that it's human activity. [It] could be a mix, e.g. coin creation is automatic but profit-taking is human,” he said.
This opens a window into yet another way that degens are making money on meme coins, and it appears this isn’t an anomaly.
“I would look at creating meme coins and trading them in the same bucket,” Alon said. “Are there people trading memecoins full-time? Yes. Many of them also create coins,” he explained. “But it does seem like there are a few that almost exclusively launch coins.”
According to Dune data, over 100 wallets have launched more than 1,300 meme coins on Pump.fun. The wallets that have created the second and third most tokens on the platform have profited $430,200 and $482,300 respectively, according to GMGN, both displaying similar behavior to the MNhB wallet.
The trenches have found a new hustle.
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