Pump.fun: Why Displayed Gains Can Mislead Copy Traders

A Bitquery study reveals a significant gap between the gains displayed on Pump.fun and the profits actually derived from trading. Out of 752.5 million dollars analyzed, only 193.9 million come from purchases followed by sales. The rest is mainly explained by token transfers and suspicious operations. The platform continues to generate revenue, with $18.6 million despite the memecoin crash . But the figures displayed by traders do not always tell the whole story. In its investigation published on October 22 , Bitquery analyzed 3,170 positions larger than $100,000, closed between October 30, 2025, and August 30, 2026. The observation is striking: only $193.9 million, or 26% of the total, come from wallets that bought tokens before reselling them.

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