Graduation, also called migration, is the moment a launchpad token reaches its target, usually a market-cap or funds-raised threshold. At that point its liquidity moves from the launchpad's bonding curve to a regular decentralised-exchange pool.
Why it matters
- It's rare. On pump.fun, only 0.26% of launches graduated in June 2026.
- It's a volatile moment. Early holders often take profit at graduation. Research on pump.fun found that over 73% of migrated tokens fell below 40% of their launch price within 20 minutes of reaching the exchange.
- Liquidity changes. After graduation the token trades against a normal pool, so the liquidity and slippage you face can change sharply.
Watching who is buying and selling around graduation, especially the early holders, is one of the most useful checks before buying a freshly graduated token.
Educational content only. Not financial advice.