I understand the concerns and have Al had that the same. Here is what my smart buddy Claude said about whether or not it it could be wash trading:
The academic evidence: mostly organic, but with important caveats
Researchers at the University of Pisa conducted a comprehensive on-chain analysis covering all transactions across 655,770 tokens issued on https://t.co/1N00X0rQeP between September and October 2025, distinguishing between bot and human transactions using Solana transaction log metadata. Four key findings directly address the fake volume question — and large manual purchases were identified as the strongest predictor of token graduation. 
The correlation analysis between Launchpad and PumpSwap volumes — a key organic-volume test — showed r = 0.579, a moderate positive correlation consistent with the organic growth hypothesis, though notably the sample size of n=8 means it doesn’t quite reach statistical significance at p<0.05, which requires r>0.63.   In other words: directionally supportive, but not airtight.
The structural argument for organic revenue: https://t.co/1N00X0rQeP’s daily protocol revenue from 2024 to 2025 consistently matched or even surpassed Hyperliquid’s — a fact notable given the inherently cyclical nature of the meme market it operates in.  It would be operationally very difficult to sustain fabricated revenue at that scale, for that long, without detection
@JustDeauIt@LiamJanssens@Pumpfun Even if they are selling, they can’t sell forever. The revenue is real and will overcome the sell pressure eventually. Like a beach ball underwater.
@JoestarCrypto I don't hate the player (Hyperliquid) or the game. I hate the naive/ignorant fans. The rise of traders as influencers means that the only thing that gets attention is the next big thing, the next big trade.
Great post as usual, the amount of fees $PUMP continues to generate along with the user retention in not just an overall bear market but a a bear market where memecoins have been basically left for dead, seen as the new NFTs, is absolutely crazy. I love this bet and I am making the same.
@JustDeauIt@qthomp I see it, you see it. It seems the market doesn’t yet. Number 5 would be the absolutely worst mistake but I of course wouldn’t put it past them.