Pump.fun’s Top Earners May Be Unreplicable, Study Finds

A Bitquery investigation of 3,170 wallet‑token positions with at least $100,000 in gains between October 2025 and August 2026 revealed that only 26% of the $752.5 million in large memecoin wallet profits came from conventional market trades. The study shows that 51% of the gains involved wallets selling tokens that were received via transfers, and 13% displayed patterns of potentially coordinated trading. In August, transferred‑token sales accounted for 70% of large wallet wins, up from fewer than 100 cases monthly before July. The findings highlight a flaw in crypto copy‑trading platforms that rely on observable purchases to identify successful traders, as many profitable wallets record gains without executing market purchases that followers could replicate.