Bitquery: 74% of Top Pump.fun Wallet 'Profits' Came From Transfers and Wash Loops
- —Sample: 3,170 positions of $100,000+ profit, $752.5 million per trackers
- —26% of the value was real trading profit, 51% token hand-offs, 13% wash loops
- —Moving tokens to a linked wallet hides cost basis and inflates reported gains
- —Study excludes fees and traces hand-offs only one step back
Why it matters: Pump.fun wallet leaderboards can mislead copy traders, who may be replicating sales with no independent buyer demand behind them.
Source: Bitcoin Insider