Bitquery: 74% of large Pump.fun gains can't be copied by traders
- —Study covered 3,170 wallet-token positions with gains of at least $100,000 from October 2025 to August 2026
- —1,579 profitable positions relied on tokens received via transfers rather than recorded purchases
- —1,104 of those traced to addresses linked to token creators, directly or via intermediaries
- —15 of the 25 largest gains met Bitquery's criteria for wash loops
Why it matters: The findings undermine the wallet leaderboards that copy-trading platforms like GMGN rely on to rank profitable traders.
Source: CryptoSlate