93% of Top Pump.fun Wallets Are Bots, Researcher Finds

On-chain investigator Adam revealed that 93 of the top 100 wallets on meme coin platforms Pump.fun and PumpSwap are automated bots. The discovery has sparked debate about fairness in decentralized finance, particularly regarding potential airdrops.

Two human-operated wallets—@Cupseyy and @TheMisterFrog—reportedly traded over $100 million each. Nearly 12,000 wallets exceeded $1 million in volume, while 3.7 million conducted at least $1,000 in trades. Platform developers are reportedly testing bot-detection filters for future token distributions.

The findings highlight ongoing challenges in DeFi's meme coin ecosystem, where automated traders frequently dominate liquidity pools and airdrop participation. Adam's research suggests human traders represent just 7% of the top-tier activity on these platforms.