Liquidity is part of the setup.
Solidus Labs’ May 2025 analysis reported that 98.6% of the Pump.fun tokens in its measured cohort had fallen below $1,000 in liquidity. It considered tokens created before April 2025 with at least five trades and excluded tokens migrated to Raydium. This measures token liquidity—not the percentage of traders who lost money.
Solidus Labs · 2025 report & methodology ↗