Pump.fun memes have the highest graduation rate since the summer of 2025. More tokens are moving to DEX trading after a general revival of the Solana meme space.
Tokens on Pump.fun are shifting their creation stories, with more projects graduating to PumpSwap or other DEXs. Pump.fun graduations have previously crashed to lows, and are used as a proxy indicator for the general mood of the crypto market.
Pump.fun graduations spiked to the highest level since the summer of 2025, following a new wave of projects and more liquidity inflows. | Source: Dune Analytics
In the past few weeks, more tokens have moved their liquidity to decentralized exchanges. The shift happened after a period where teams would rug-pull new tokens while still in the “trenches,” draining the initial liquidity.
In the past day, 269 tokens graduated, or over 1% of all created tokens for the day. The graduation rate is the highest since the summer of 2025, when 0.92% of tokens graduated.
Pump.fun creator teams aim for longer-lasting meme tokens
While the graduating token number depends on more daily launches, it also signals a shift for some teams, which take effort to preserve their token’s liquidity.
Putting new tokens into DEX pairs also signals hope for the Solana ecosystem, where memes are enjoying renewed inflows of liquidity and speculative trading.
Graduations are not a meaningful source of revenues for Pump.fun, as the platform takes a 1.5 $SOL fee. However, trading those tokens means an additional 1% in revenues from all subsequent swaps.
The recently launched tokens are still cautiously accepted, following a period of almost daily launches of cult tokens. Some of the newly graduated assets are still heavily sniped or controlled by insiders. The market cap of newly graduating tokens also rarely rises to significant valuations. While previous graduations happened with valuations between $30M and $100M in the first days of trading, new tokens barely reach $10M in market capitalization.
Is the graduation price on Pump.fun too low?
Some of the newly graduating meme tokens have a market capitalization of under $50,000. The tokens valued in the millions are rare, and even on DEXs, most survive for a few days before selling pressure accelerates.
For graduation, tokens need a market cap of $80,000 to $100,000, based on around 80 $SOL held in the bonding curve. Some projects readily supply the liquidity for graduation and even continue to pump the token, but rarely ensure organic growth. Meme tokens remain a high-risk trade, although some projects manage to draw significant levels of new liquidity.
For over a year now, Pump.fun has not produced new graduating tokens with a valuation above $500M. Graduation rates depend on communities and teams, as well as liquidity providers and whales, and may vary widely depending on projects and trends. The latest graduations come from new attempts to generate commodity meme tokens.
