FORM 1000-DPublic aggregate release

What the trenches
actually look like.

Every response is from a wallet that proved it is real, has genuine trading history, passed a human check and cleared the quality filters. Aggregates are free and public forever. Cells under five responses are suppressed so nobody can be picked out.

Responses

verified and scored

Questions

closed choice, plus 1 optional text box

Cost to access

Free

no key, no signup

Headline

Eight numbers

50%are down overall, all time

0%cannot tell you their actual PnL

75%decide to buy in under 30 seconds

50%rarely or never verify the contract address

0%tilt after a loss often or every time

75%say trading has affected a relationship, job or studies

0%get almost all of their income from trading

50%expect to still be trading memecoins in a year

Self reported, from people who hold a memecoin and chose to fill in a survey for a reward. That is a real population and a real bias at the same time. Both are stated on the methodology, because a dataset nobody can criticise is a dataset nobody should trust.

Integrity

How much we threw away

Void rate

33.3%

rejected by quality filters

Mean quality

of accepted responses, out of 100

Chain checkable

75%

had readable history to calibrate against

Mean calibration

agreement, out of 100

Every response that failed an attention check, was filled faster than a human can read, was a straight line down the page, or came from a wallet with no trading history was thrown away. It was not paid and it is not in any number on this page.

We publish this figure for two reasons. It tells a buyer the filters are real and measured rather than claimed. And it tells anyone thinking about farming this that somebody is counting.

PART A

HEAD OF HOUSEHOLD

n = 4

Who is in the trenches. Bands only, nothing that identifies you.

Age band

Under 180.0%
18 to 2025.0%
21 to 240.0%
25 to 290.0%
30 to 3425.0%
35 to 440.0%
45 to 5425.0%
55 or over0.0%
Decline25.0%

Region you trade from

North America25.0%
Latin America0.0%
Western Europe0.0%
Eastern Europe25.0%
Middle East0.0%
Africa0.0%
South Asia0.0%
Southeast Asia25.0%
East Asia0.0%
Oceania25.0%
Decline0.0%

How long have you been trading crypto

Under 3 months25.0%
3 to 6 months25.0%
6 to 12 months0.0%
1 to 2 years0.0%
2 to 4 years0.0%
4 to 7 years0.0%
Over 7 years50.0%

How long have you specifically been trading memecoins

Under 1 month25.0%
1 to 3 months0.0%
3 to 6 months25.0%
6 to 12 months0.0%
1 to 2 years0.0%
Over 2 years50.0%

Outside of crypto, what is your situation

Full time job0.0%
Part time job25.0%
Self employed or own business50.0%
Student25.0%
Between jobs0.0%
Trading is my only income0.0%
Retired0.0%
Decline0.0%

What share of your total income comes from trading

0 percent50.0%
Under 25 percent50.0%
25 to 50 percent0.0%
50 to 75 percent0.0%
75 to 99 percent0.0%
100 percent0.0%
Decline0.0%

PART B

DECLARED POSITION

n = 4

The numbers nobody says out loud. This is anonymous. Say them.

Current portfolio size in USD

Under $50075.0%
$500 to $2k0.0%
$2k to $10k0.0%
$10k to $50k25.0%
$50k to $250k0.0%
$250k to $1M0.0%
Over $1M0.0%
Decline0.0%

Typical position size on a single memecoin

Under $2550.0%
$25 to $1000.0%
$100 to $50050.0%
$500 to $2k0.0%
$2k to $10k0.0%
$10k to $50k0.0%
Over $50k0.0%

Roughly how much do you trade in a normal day, total volume

Under $10050.0%
$100 to $5000.0%
$500 to $2k50.0%
$2k to $10k0.0%
$10k to $50k0.0%
$50k to $250k0.0%
Over $250k0.0%

Biggest single win, in USD

Never been green on a trade25.0%
Under $10025.0%
$100 to $1k0.0%
$1k to $10k0.0%
$10k to $50k50.0%
$50k to $250k0.0%
$250k to $1M0.0%
Over $1M0.0%

Biggest single loss, in USD

Never lost more than $10050.0%
$100 to $1k0.0%
$1k to $10k25.0%
$10k to $50k0.0%
$50k to $250k0.0%
$250k to $1M0.0%
Over $1M25.0%
Decline0.0%

All time, are you up or down

Down over 90 percent50.0%
Down 50 to 90 percent0.0%
Down 10 to 50 percent0.0%
Roughly flat25.0%
Up 10 to 50 percent0.0%
Up 50 to 200 percent0.0%
Up over 200 percent0.0%
I genuinely do not know25.0%

Do you actually know your PnL

Yes, I track every trade75.0%
Roughly, from a portfolio tracker25.0%
I check wallet balance and guess0.0%
I avoid looking0.0%
No idea0.0%

PART C

HOURS OF OPERATION

n = 4

How you actually trade, not how you say you trade.

Do you trade every day

Every single day25.0%
5 to 6 days a week50.0%
3 to 4 days a week25.0%
1 to 2 days a week0.0%
A few times a month0.0%
Only when something is running0.0%

How many trades on a normal day

0 to 20.0%
3 to 550.0%
6 to 1025.0%
11 to 250.0%
26 to 5025.0%
Over 500.0%

How long do you hold a typical memecoin position

Under 1 minute0.0%
1 to 10 minutes50.0%
10 to 60 minutes25.0%
1 to 6 hours25.0%
6 to 24 hours0.0%
Days0.0%
Weeks or longer0.0%

Which hours are your best, in your own local time

00:00 to 04:0028.6%
04:00 to 08:000.0%
08:00 to 12:000.0%
12:00 to 16:0014.3%
16:00 to 20:0057.1%
20:00 to 00:000.0%

Multiple answers allowed. Percentages are of all selections, not of respondents.

What stage do you usually buy at

Pre bond, on the curve75.0%
Right after migration0.0%
Under $100k mcap0.0%
$100k to $500k mcap25.0%
$500k to $5M mcap0.0%
Over $5M mcap0.0%
Whatever is already running0.0%

How do you usually find the coin you buy

Scanner or new pairs feed50.0%
A KOL or caller posted it0.0%
Telegram or Discord group0.0%
Wallet tracking or copy trading0.0%
Trending page50.0%
Friend told me0.0%
Bot alerted me0.0%
I scroll and vibe0.0%

C10

How fast do you decide, from first seeing a coin to buying

Under 5 seconds25.0%
5 to 30 seconds50.0%
30 seconds to 2 minutes25.0%
2 to 10 minutes0.0%
Over 10 minutes0.0%

C11

Attention check. Select the third option.

First option25.0%
Second option0.0%
Third option75.0%
Fourth option0.0%

PART D

STATE OF THE TERRITORY

n = 4

Your read on the market, your tools, and where the calls come from.

Which trading terminals do you actually use

Axiom25.0%
Photon8.3%
BullX0.0%
Padre8.3%
Trojan0.0%
Bloom0.0%
GMGN25.0%
Nova0.0%
Maestro16.7%
Jupiter8.3%
Raw DEX, no terminal8.3%
Other0.0%

Multiple answers allowed. Percentages are of all selections, not of respondents.

Which one is your main

Axiom50.0%
Photon0.0%
BullX0.0%
Padre0.0%
Trojan0.0%
Bloom0.0%
GMGN0.0%
Nova0.0%
Maestro25.0%
Jupiter25.0%
Raw DEX, no terminal0.0%
Other0.0%

Main source of information

X or Twitter50.0%
Telegram groups0.0%
Discord0.0%
TikTok0.0%
YouTube0.0%
On chain scanners0.0%
Wallet tracking0.0%
Friends0.0%
I do not follow anyone50.0%

How much do you trust callers and KOLs

I follow calls directly0.0%
I use them as a starting point25.0%
I fade them on purpose0.0%
I ignore them entirely50.0%
I think most are paid25.0%

Before you buy, what do you actually check

Holder distribution20.0%
Bundle or sniper analysis20.0%
Dev wallet history10.0%
Liquidity and LP status10.0%
Socials are real10.0%
Chart shape only20.0%
Volume10.0%
Nothing, I just buy0.0%

Multiple answers allowed. Percentages are of all selections, not of respondents.

How often do you verify the contract address before buying

Every single time25.0%
Most of the time0.0%
Sometimes25.0%
Rarely50.0%
Never0.0%

Attention check. What is this survey about

Cooking recipes0.0%
Crypto trading habits100.0%
Car insurance0.0%
Fitness routines0.0%

Best chain for trenching right now

Solana100.0%
Base0.0%
Ethereum0.0%
BNB Chain0.0%
Hyperliquid0.0%
Tron0.0%
Sui0.0%
Other0.0%
They are all the same0.0%

Best launchpad right now

pump.fun100.0%
Bags0.0%
Believe0.0%
Boop0.0%
Moonshot0.0%
Four.meme0.0%
Clanker0.0%
Other0.0%
None of them0.0%

What kills your PnL the most

Rugs and soft rugs100.0%
Snipers and bundles0.0%
Fees and slippage0.0%
My own exits0.0%
Buying tops0.0%
Not selling0.0%
MEV and sandwiching0.0%

Compared to six months ago, are the trenches

Much better0.0%
Slightly better25.0%
About the same0.0%
Slightly worse0.0%
Much worse25.0%
I was not here six months ago50.0%

Will you still be trading memecoins in one year

Definitely25.0%
Probably25.0%
Not sure50.0%
Probably not0.0%
Definitely not0.0%

What do you actually want from an airdrop

Straight cash, no conditions50.0%
Rewards for real volume, not farmed wallets25.0%
Rewards for holding through the drawdowns0.0%
Fee rebates instead of a token0.0%
Early access to launches25.0%
A real say in what gets built0.0%
Airdrops are always a scam, I want none0.0%

The single biggest problem with the trenches right now

Insiders and snipers get everything first25.0%
Everything rugs, nothing lasts25.0%
Too many launches, attention is split50.0%
Fees and extraction on every trade0.0%
Platforms take our money and give nothing back0.0%
The people here are exhausted and broke0.0%
Nobody builds anything that actually lasts0.0%

G10

If the trenches organised and pushed one demand, what should it be

Real insider and bundle detection, enforced25.0%
Lower fees across the board25.0%
Fee revenue shared back with traders0.0%
Launchpads held responsible for rugs25.0%
Transparent, non farmable airdrops25.0%
Nothing, we cannot organise and never will0.0%

G11

Would you actually take part if the trenches organised, not just agree with it

Yes, actively, I would post and push25.0%
Yes, quietly, I would move my money25.0%
Only if it was clearly working already50.0%
I would agree but do nothing0.0%
No0.0%

How often do you tilt after a loss

Never0.0%
Rarely0.0%
Sometimes100.0%
Often0.0%
Every time0.0%
I am tilted right now0.0%

Has trading affected a relationship, your job, or your studies

Not at all25.0%
A little25.0%
Noticeably25.0%
Badly25.0%
Decline0.0%

SUPPLEMENT 2

RECORD OF CASUALTIES

Supplement · n = 3

What got taken from you, and how. Nobody has ever measured this properly.

Supplement questions are answered by roughly one respondent in four, so the sample here is smaller than the core. The n is shown above and on every chart.

M2_1

Has a wallet of yours ever been drained or hacked

Never66.7%
Once33.3%
Twice0.0%
Three or more times0.0%
Decline0.0%

M2_2

If yes, roughly how much did that cost you in total

Nothing, it was empty33.3%
Under $10033.3%
$100 to $1k0.0%
$1k to $10k0.0%
$10k to $50k0.0%
Over $50k0.0%
Not applicable0.0%
Decline33.3%

M2_3

How did it happen

Signed a malicious transaction0.0%
Fake site or fake airdrop0.0%
Seed phrase phished66.7%
Malware on my machine0.0%
Fake support or fake mod DM0.0%
I still do not know0.0%
Not applicable33.3%

M2_4

Have you ever bought a fake or impersonator token

Never66.7%
Once33.3%
A few times0.0%
More times than I want to admit0.0%

M2_5

Do you ever revoke token approvals

Regularly33.3%
Occasionally33.3%
Once, after something went wrong0.0%
Never0.0%
I do not know what that is33.3%

M2_6

Do you keep your main holdings separate from your trading wallet

Yes, always100.0%
Mostly0.0%
Sometimes0.0%
No, everything is in one wallet0.0%

M2_7

Do you use a hardware wallet

Yes, for everything0.0%
Yes, for savings only0.0%
I own one but do not use it66.7%
No33.3%
Decline0.0%

M2_8

Have you ever been scammed by a person rather than a contract

Never33.3%
Once33.3%
A few times0.0%
Many times33.3%
Decline0.0%

M2_9

Did you tell anyone when it happened

Told friends or the community33.3%
Reported it publicly0.0%
Reported to police or an authority33.3%
Told nobody33.3%
Not applicable0.0%

M2_10

Did you recover anything

All of it33.3%
Some of it0.0%
Nothing33.3%
Not applicable33.3%

M2_11

Looking back, what would actually have prevented it

Reading the transaction before signing33.3%
A hardware wallet0.0%
A separate burner wallet0.0%
Not clicking a link0.0%
A tool that warned me0.0%
Nothing, I was unlucky66.7%
Not applicable0.0%

SUPPLEMENT 4

THE LEDGER

Supplement · n = 1

Where the money came from, where it went, and whether any of it ever left.

Supplement questions are answered by roughly one respondent in four, so the sample here is smaller than the core. The n is shown above and on every chart.

M4_1

Where does your trading money come from

Salary or business income0.0%
Savings100.0%
Crypto profits only, never deposited fiat0.0%
Money I borrowed0.0%
Credit card or loan0.0%
Family or friends0.0%
Decline0.0%

M4_2

Have you ever traded money you could not afford to lose

Never0.0%
Once100.0%
A few times0.0%
Often0.0%
That is the only way I trade0.0%
Decline0.0%

M4_3

Do you use leverage or perps

Never100.0%
Rarely, under 5x0.0%
Sometimes, 5x to 20x0.0%
Often, 20x to 50x0.0%
Regularly over 50x0.0%

M4_4

Do you currently owe money because of trading

No100.0%
A small amount0.0%
A significant amount0.0%
More than I can pay back right now0.0%
Decline0.0%

M4_5

Have you ever taken profit out to fiat

Regularly0.0%
A few times0.0%
Once100.0%
Never, it has never left crypto0.0%
Decline0.0%

M4_6

Of everything you have ever made, roughly how much have you actually withdrawn

None of it100.0%
Under 10 percent0.0%
10 to 25 percent0.0%
25 to 50 percent0.0%
Over 50 percent0.0%
I have never been up0.0%
Decline0.0%

M4_7

Do you report crypto on your taxes

Yes, fully0.0%
Yes, partially0.0%
No100.0%
I do not know if I have to0.0%
There is no tax where I live0.0%
Decline0.0%

M4_8

Do you know what you would owe if you were audited tomorrow

Yes, to the dollar0.0%
Roughly0.0%
No idea100.0%
I would rather not think about it0.0%
Decline0.0%

M4_9

If you hit a life changing number tomorrow, what happens

Cash out and stop0.0%
Cash out most, keep trading small100.0%
Take out my original stack only0.0%
Keep going the same0.0%
Size up0.0%
I would not sell0.0%

M4_10

What actually brought you to crypto

A friend0.0%
Saw someone get rich online100.0%
I work in tech0.0%
Boredom or lockdown0.0%
I could not earn enough otherwise0.0%
Gambling or betting before this0.0%
I have always been in markets0.0%

M4_11

Before memecoins, what were you doing with money

Nothing, no savings or investing0.0%
Saving in a bank100.0%
Stocks or index funds0.0%
Sports betting or casino0.0%
Forex or CFDs0.0%
NFTs0.0%
Other crypto only0.0%

Access

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