The bonding curve
A new pump.fun coin has no pool. Buyers trade against a bonding curve: a program that sells tokens from a fixed stock at a price that rises with every buy and falls with every sell. Each coin has a supply of one billion tokens; about 793 million of them are for sale on the curve.
Progress
A coin's progress is how much of that for-sale stock has been bought. At 100% the curve is complete and the coin graduates. Trenchie shows progress as the ring around each coin's picture on Vision, and the market cap the coin will graduate at on the chart.
Graduation (migration)
When the curve completes, the SOL raised and the remaining tokens move into a pool on PumpSwap, pump.fun's own exchange. From then on the coin trades like any other Solana token, and other venues can list it.
Why the first hours after graduating are risky
Everyone who bought on the curve can now sell into a real pool, and a lot of them do. In our record, coins that graduated under six hours earlier rugged within a day 67% of the time; 6 to 24 hours after, 36%; after a day, 3%. Trenchie flags a coin that graduated under six hours ago as a red and under a day ago as a caution.
Watching the boards
Trenchie's pump.fun scanner (Vision) shows three live columns: new launches, coins about to graduate, and fresh migrations. Each coin has a quick check, and you can filter by holders, dev share, bundles, snipers, fresh wallets and more.
Questions people ask
What market cap does a pump.fun coin graduate at?
It depends on the SOL price, since the curve is priced in SOL. Trenchie works it out from the curve itself and draws it as a line on each coin's chart.
Where do pump.fun coins go after graduating?
To a pool on PumpSwap, pump.fun's own exchange. Other venues can then list the coin too.
Can I trade a coin still on the bonding curve?
Yes. Trenchie trades bonding-curve coins and PumpSwap pools directly, so you can buy before or after graduation.