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Glossary

The memecoin trenches dictionary.

27 terms, each defined in one paragraph you could read out loud, then explained the way it shows up in a funded account. Prop-firm terms link straight to the rule that uses them; memecoin terms link to the fill policy where the mechanics bite.

Updated OCTOBER 6, 2026

Prop-firm rules

The vocabulary of evaluations, floors, caps and payouts — every term links to the rule that uses it.

Breach
A funded account breach is prop-firm language for an account crossing one of its hard rules, most often equity reaching the drawdown floor, which closes that account. At Fullport the rule is a single floor 4% below the starting balance, checked against live equity, with no daily limit on top.
Breakeven lock
A trailing drawdown lock, or breakeven lock, is the point where a trailing drawdown stops trailing: once the floor has risen to the starting balance, it freezes there for good. At Fullport that happens the first time a UTC day closes at least 4% above the start, $26,000 on a $25,000 account, and the floor then stays at $25,000.
Consistency rule
A prop firm consistency rule caps how much of your total profit may come from a single trading day, so a pass reflects more than one lucky day. At Fullport no UTC day's realized profit may exceed 55% of total net profit; the rule applies only to passing the evaluation, and the 1-Day Pass skips it entirely.
Daily drawdown
A daily drawdown is a prop-firm loss limit that resets every trading day: the account may not fall more than a set amount below that day's starting balance or equity, on top of its overall floor. Fullport has no daily drawdown; its only limit is the 4% max-drawdown floor, which trails at the day close and locks at breakeven.
Funded account
A funded trading account is an account a prop firm lets you trade after you pass its evaluation, where you keep a share of the profit you withdraw. At many firms, Fullport included, the balance is simulated while the prices and payouts are real. Fullport pays you 80% of each approved payout request, in SOL, every 5 days.
Max drawdown
Max drawdown in trading is the biggest fall in an account's value from a peak to a later low, usually shown as a percentage of the peak. At a prop firm it also means the overall loss limit, a floor equity must stay above. Fullport's max drawdown is 4% of the starting balance: $1,000 on a $25,000 account.
Paper trading
Paper trading means practicing trades with pretend money: you place orders against real market prices, but nothing is actually bought or sold and no money is at risk. It tests your decisions, not your execution. Most memecoin paper-trading tools fill you at the chart price for free, which hides the real costs of a trade.
Payout cycle
Prop firm payout frequency, or the payout cycle, is how often a funded trader can request a payout. Fullport's cycle is 5 days: the first request opens 5 days after the funded account is issued, the next 5 days after the previous payout, and each funded account pays up to three times, 80% to you in SOL.
Profit split
Profit split means the share of a funded account's withdrawn profit that goes to the trader, with the rest kept by the prop firm. An 80% split means you receive 80 cents of every payout dollar. Fullport's split is 80/20, applied to each approved payout request after the request cap, and paid in SOL.
Profit target
A prop firm profit target is the amount of realized profit an evaluation account must reach to pass. Fullport's is +6% of the starting balance, $1,500 on a $25,000 account, measured on closed trades after all fees, with no time limit. The optional 1-Day Pass raises it to +8% and drops the consistency rule.
Prop firm
A prop firm, short for proprietary trading firm, is a company that lets traders trade its capital or a simulated account and pays them a share of the profits. Most charge a one-time evaluation fee, set a profit target and loss limits, and pay a profit split to traders who pass. Fullport is a prop firm for Solana memecoins.
Prop firm evaluation
A prop firm evaluation, or challenge, is the paid trial you take before a prop firm gives you a funded account: hit a profit target while staying within the loss limits. Fullport's is one step with no time limit: reach +6% realized profit, keep equity above the 4% floor, and keep any one day at or below 55% of profit.
Trailing drawdown
A trailing drawdown is a prop-firm loss limit that follows your balance upward: the floor sits a fixed distance below your highest balance and rises when you set a new high, but never falls. Your equity must stay above it. Fullport's floor trails 4% below, moves only at the UTC day close, and locks at breakeven.

Memecoin mechanics

Bonding curves, graduation, bundles, dev wallets — how a Solana launch actually works under the chart.

Bonding curve
In crypto, a bonding curve is a formula that sets a token's price from how many tokens have already been bought, so a launchpad can sell a new coin without an order book or a liquidity provider. pump.fun's curve starts from virtual reserves of 30 SOL and 1,073,000,000 tokens: every buy raises the price and every sell lowers it.
Bundled supply
Bundled supply means the share of a new token bought at launch by a group of wallets, usually controlled by the developer, inside the same block, typically through a Jito bundle. It lets one party hold a large slice of supply spread across many addresses, so the holder list looks spread out, and sell it into later buyers.
Dev wallet
In crypto, a dev wallet is the wallet that created a token, called the deployer, plus any wallets it funded to buy at launch. Traders watch it because the developer knows the plan and often holds supply bought at the lowest price. Whether the dev is buying, holding or selling is one of the strongest signals on a new memecoin.
Graduation
Memecoin graduation means the moment a coin finishes its launchpad bonding curve and its liquidity moves into a regular trading pool. On pump.fun the curve completes when its last real token is bought and the coin moves to PumpSwap; Raydium LaunchLab coins move to a Raydium CPMM pool and Meteora DBC coins to a DAMM v2 pool.
Honeypot
A honeypot in crypto is a token you can buy but cannot sell, or can only sell at a punishing loss, because its settings block or tax sales. The chart looks healthy because only buys go through. On Solana the usual levers are a retained freeze authority or transfer restrictions, which token checkers inspect before you buy.
Market cap vs FDV
Market cap vs FDV: market cap is a token's price multiplied by its circulating supply, while fully diluted valuation (FDV) is the price multiplied by the total supply that will ever exist. They differ when tokens are locked or not yet issued. A pump.fun memecoin mints its whole 1,000,000,000 supply at launch, so both are effectively the same number.
PumpSwap
pump.fun vs PumpSwap is not a choice between two coins: pump.fun is the launchpad where a new coin trades on a bonding curve, and PumpSwap is pump.fun's own pool where the same coin trades after it graduates. On PumpSwap the price comes from the pool's SOL and token balances, and the migrated liquidity is locked by burning the LP tokens.
Rug pull
A rug pull is a crypto scam where a token's creators or insiders suddenly cash out, crashing the price and leaving other buyers holding coins they cannot sell for anything close to what they paid. On Solana memecoin launchpads it is usually insiders dumping supply they bought cheaply at launch, not literally removing the liquidity pool.

Execution

Slippage, priority fees, Jito tips, MEV — why the price you saw is not the price you got.

Slippage
Slippage in memecoin trading is the difference between the price you expected when you sent an order and the price it actually filled at. The slippage setting is a tolerance: the largest move you will accept before the transaction fails instead. Slippage comes from your own price impact plus other trades that land before yours.

Trenches slang

What traders mean when they say it.

Ape
In crypto, to ape, or ape in, means buying a token quickly and in a large size, usually on hype or momentum rather than research. An ape is the trader who does it. The word describes how you bought, not how it went: some apes catch a coin early, others buy near the top.
Degen
Degen, short for degenerate, is trading slang for someone who makes fast, high-risk bets on volatile tokens, often with little research and large size. Degen trading usually means memecoins, brand-new launches and quick flips. Among memecoin traders the word is as often a badge of pride as an insult.
Jeet
In crypto, jeet is memecoin slang for a trader who sells very quickly, often at the first small profit or first dip, and by extension anyone selling a coin others are still holding. Holders use it as an insult. In practice jeeting is taking profit early, and whether that is a mistake depends on the trade, not the label.
Smart money
In crypto, smart money means wallets with a record of profitable trades, which other traders follow on the assumption that their buys carry information. On Solana, wallet trackers label these addresses and alert when they buy. The label looks backward: past profit, often on a handful of trades, says little about the next one.
Trenches
In crypto, the trenches means the earliest, most chaotic layer of memecoin trading: fresh launches still on their bonding curves, minutes or hours old, where a few coins run hard and most fade. Trading the trenches means scanning new pairs and judging dev wallets and bundles in seconds.

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