Bitquery: Pumpfun's large profit sample only 26% passed regular trading checks

According to a report by CryptoSlate, on-chain data company Bitquery analyzed 3,170 wallets that reported profits of at least $100,000 on the token issuance platform Pumpfun from October 2025 to August 2026, involving a total profit of approximately $752.5 million. Among them, only 26% were checked through regular market transactions, 51% involved the sale of tokens transferred from other addresses, 13% exhibited potential collaborative trading patterns, and another 10% could not be clearly classified.

The report stated that the tokens transferred in do not generate buy transactions that can be replicated by trading systems, so the profits displayed by the wallets may not be realizable by copy traders. The study has not measured the actual earnings of copy traders, and the token transfers themselves are insufficient to prove the existence of manipulation.