Study Classifies 26% of Tracked Pump.fun-Linked Gains as Trading Profit

An Oct. 22 analysis classified 26% of tracked gains tied to large Pump.fun-linked wallet positions as profit from ordinary buying and selling. The findings point to a gap between wallet leaderboard results and trades a follower may be able to mirror. The analysis covered 3,170 wallet-token wins of at least $100,000 that ended between Oct. 30, 2025, and Aug. 30, 2026. Profit trackers assigned those positions $752.5 million in gains. The analysis classified $193.9 million of that total as real trading profit, meaning the wallet bought tokens and later sold them to other traders. Transaction fees were not deducted.