Pump.fun’s biggest winners may be impossible to copy as $752 million study exposes hidden trading gap

Pump.fun copy traders risk following wallets whose multimillion-dollar gains come from transactions they cannot replicate, new blockchain research shows. An Oct. 22 investigation by Bitquery found that only 26% of $752.5 million in large memecoin wallet gains passed its checks for conventional market trading, raising questions about the profitability rankings investors use to identify successful traders. The study examined 3,170 wallet-token positions with reported gains of at least $100,000 between October 2025 and August 2026. It found that 51% of the gains involved wallets selling tokens received from other addresses, while another 13% exhibited patterns of potentially coordinated trading. The remaining 10% could not be conclusively classified.