{"slug":"pump-fun-graduation","term":"Pump.fun Graduation","category":"Whales & On-Chain","definition":"A graduation is the moment a bonding-curve launch has attracted enough buying to leave the launchpad and get a real liquidity pool on a DEX — on Solana, from pump.fun's curve to PumpSwap. It is the first point at which a memecoin has liquidity that exists independently of the curve, and it is the event our scanner records for every launch.","street":"Graduation is the memecoin's first real day at school. Most never get there, and of the ones that do, most are dumped on the way in.","depth":["Our scanner watches every new pool on Solana's meme venues and calls a graduation when a PumpSwap pool appears for a curve token with at least $5,000 of liquidity — dust pools at a dollar or two are not completed curves. The moment is informative because everything before it was a formula; after it, price is set by a pool that snipers, the deployer's wallets and the curve's early buyers all hold tokens against.","What the corpus says: of 5,139 recorded launches, 570 graduated, about 11%. Launches with a bundle of five or more buyers in the first minute graduated more than twice as often; those where the deployer sold inside the first minute never did. The first hour after graduation is where the reconstructed ledgers show the cabal wallets exiting into the buyers the graduation attracted."],"live":{"label":"Graduations on the meme tape, and the cabal report (free sign-in)","href":"/meme"},"related":["bonding-curve","bundled-launch","sniper-bot","dev-wallet","liquidity-pool"]}