Despite attracting millions of users with its memecoin launchpad platform, PumpFun witnessed a surprising disconnect between high activity and financial gains. An analysis reveals that despite launching 595,000 new memecoins in August alone, over 60% of participants ended the month with losses, and no single address made more than $1 million. The platform’s impressive user base, boasting over 1.3 million active addresses, saw a massive 882,000 wallets lose between $0-$1,000 on average, totaling $64 million in losses. Meanwhile, only a small fraction of users (around 17.5% ) made substantial gains through token purchases and the platform’s buyback program. This unexpected outcome raises questions about the platform’s sustainability and its ability to deliver real value to its users.