Meme-token trading remains active, but profitability is concentrated among a very small group. Over the past 90 days, 304,161 traders were active on Solana decentralized exchanges, and only 19,003 wallets, or 6.25%, were profitable. The median trader lost $120, while meme-token traders collectively lost $1.26 billion based on paper valuations. Among profitable wallets, 88% earned less than $100, and only 25 traders made more than $10,000. A similar result appeared among traders on the FOMO app, where only 25 wallets recorded realized gains above $10,000. The metric tracks realized profit and loss rather than the paper value of tokens still held. Low liquidity can make meme-token market capitalizations unreliable, even when they appear high. The market increasingly resembles a peer-to-peer extraction system, with newly launched tokens having short lifecycles and limited focus on building communities. Nevertheless, meme-token activity continues to support platforms such as Pump.fun, which generated more than $4.4 million in daily fees on August 19, its highest level since January. Meme launches remain attractive because they occur entirely on-chain, avoid centralized-exchange listing delays and can bring new users directly into speculative trading. Robinhood saw as much as 51% of its activity tied to meme tokens, although those tokens lost 10% overnight and more than 30% over the previous week as of August 19. The FOMO app and a platform launched by crypto influencer Ansem also helped attract users through social trading, copy trading and airdrop incentives, but newcomers often incurred immediate losses. Users continue to seek breakout performers while absorbing losses from more than 99% of meme launches.