The graduation threshold, in SOL and in dollars#
The pump.fun graduation market cap is about 411 SOL, roughly $61,600 at an illustrative $150 per SOL. A coin graduates when its bonding curve sells its last token, after about 85 SOL of real buys, and then moves to a PumpSwap pool. There is no fixed dollar target: the dollar figure moves with SOL.
What exactly triggers graduation?
pump.fun's program docs define it precisely: the curve's complete flag is set at the end of the buy that takes its real token reserve to zero. There is no vote and no timer.
Because the curve's starting reserves are fixed, the trigger always lands at the same place in SOL terms:
| Measure | At graduation | Why |
|---|---|---|
| Tokens sold from the curve | 793,100,000 | The real token reserve, now zero |
| Real SOL in the curve | ≈ 85 SOL | Virtual SOL goes from 30 to about 115 |
| Market cap | ≈ 411 SOL | Price × the 1 billion supply |
| Price vs the first token | ≈ 14.7× | Square of the virtual SOL ratio, 115 ÷ 30 |
Swipe or scroll to compare all columns.
Why does the graduation market cap change in dollars?
The dollar market cap at graduation is just 411 times the SOL price on the day. At $150 per SOL it is about $61,600; at $200 it is about $82,200.
The "$69k graduation" figure that still circulates was true when SOL traded near $168. It was never a rule, so a coin can show a different dollar number at graduation from one week to the next.
What happens in the minutes around graduation#
- 1
The final buy completes the curve
The buy that clears the last real token flips the curve to complete. From that moment the curve accepts no more trades in either direction.
- 2
Liquidity migrates to PumpSwap
The SOL in the curve and the reserved tokens are moved into a new canonical pool on PumpSwap, pump.fun's own AMM. pump.fun's fee page lists a 0.015 SOL graduation fee, which the program docs describe as the cost of creating the accounts the migration needs.
- 3
The LP tokens are burnt
Per the program docs, the LP tokens the pool issues are burnt. Nobody, including the creator, holds a claim to withdraw the pool's liquidity.
- 4
Trading resumes on the pool
Once the pool exists and holds the migrated SOL, the coin trades there, through pump.fun's own page or any terminal and aggregator that routes to PumpSwap.
The pool starts at almost exactly the curve's last price. The 1 billion supply minus the 793.1 million sold leaves about 206.9 million tokens, and pairing them with about 85 SOL reproduces the curve's final price of about 411 SOL of market cap.
Graduation itself is not a price jump; any jump you see is traders reacting to it.
Near completion the curve trades as if it held about 115 SOL, because of its 30 SOL of virtual reserve. The new pool holds only the real 85 SOL. On the same illustrative numbers, a 1 SOL buy moves the price about 1.8% on the last stretch of the curve and about 2.3% on the fresh pool. Size accordingly in the first minutes after migration.
What changes for a trader after graduation#
| On the bonding curve | After graduation, on PumpSwap | |
|---|---|---|
| Price formula | Constant product on virtual + real reserves | Constant product on the pool's real reserves |
| Who provides liquidity | The program; no LPs | The migrated SOL and tokens; others can add liquidity |
| Fee | 1.25% (0.95% protocol, 0.30% creator) | Tiered by market cap: 1.25% at under 420 SOL, falling to 0.30% at 98,240 SOL and above |
| Upside limit | Price can rise only 14.7× from launch before the curve ends | No ceiling; set by buyers and sellers |
| Arbitrage and routing | Mostly pump.fun and terminals reading the curve | Aggregators can route through the pool |
Swipe or scroll to compare all columns.
Are fees lower after graduation?
Not at first: graduation does not make trading cheaper on its own. The canonical pool charges 1.25% until the coin's market cap passes 420 SOL, then steps down in tiers as it grows. The full schedule is in what is PumpSwap.
What is king of the hill on pump.fun?
"King of the hill" is a separate thing. It is a pump.fun front-page feature that highlights a coin that is far along its curve. It does not change the coin's mechanics, its fees or the graduation threshold.
How often coins graduate, and what that means#
Most pump.fun coins never reach the 85 SOL. Published estimates of the graduation rate vary with the period measured and the data source, and are commonly put at around 1–2% of coins created. Whatever the exact figure, a random coin on the curve should be assumed not to graduate.
Two practical consequences follow. First, buying a coin early and "waiting for graduation" is a bet on a small minority outcome, not a schedule.
Second, a coin that graduates is not thereby safe: graduation says 85 SOL arrived, not that the supply is spread across real buyers. Some coins are pushed through graduation by the same bundle of wallets that then sells on the pool; how not to get rugged covers what to look for.
Many traders treat the run-up to graduation and the first minutes on the pool as separate trades. The run-up is a curve trade with a known ceiling at about 411 SOL of market cap. The pool trade has no ceiling but thinner depth and, often, a wave of early holders taking profit; memecoin trading covers sizing for both.
How graduation is handled on a Fullport account#
Fullport prices both stages from the chain: the curve account while the coin is on its curve, the PumpSwap pool's vault balances after it graduates. Between the two is a short window where the curve is complete and the pool is not yet tradeable. There is no honest price in that gap, so the engine does not invent one.
- New orders on a migrating coin are rejected with TOKEN_MIGRATING.
- Open positions are marked at the last curve price while the migration completes.
- A pool counts as live only once it holds at least 1 SOL on the quote side, so a half-funded pool is never used for a fill.
- If no pool appears within 30 minutes, positions are closed at the last mark and the case goes to review.
The rules are on the fill policy. The account itself is simulated: $25,000 to $125,000 of balance for a one-time fee of $120 to $300, with trading losses coming out of the simulated balance, never your wallet. It has a +6% target, a single 4% floor and no daily drawdown (rules).
Pass, and funded payouts send you 80% of profit in SOL. You can trade graduating coins through the browser terminal or with Fullport Tap on pump.fun's own page.
Quick answers
- At what market cap does a pump.fun coin graduate?
- At about 411 SOL of market cap, when the bonding curve has sold its 793.1 million tokens and holds about 85 SOL. In dollars that is roughly 411 times the SOL price, so about $61,600 at $150 per SOL. There is no fixed dollar threshold.
- How much SOL does it take for a pump.fun coin to graduate?
- About 85 SOL of real buys, net of fees. The curve starts with 30 SOL of virtual reserve and completes when the virtual SOL reaches about 115, which is the point where the last of the 793.1 million curve tokens is sold.
- Where do pump.fun coins go after graduation?
- To a canonical pool on PumpSwap, pump.fun's own AMM. Before March 2025 graduated coins migrated to Raydium. The pool's LP tokens are burnt, according to pump.fun's program docs, so nobody can withdraw the migrated liquidity.
- Does the price jump when a pump.fun coin graduates?
- Not mechanically. The pool is seeded with about 206.9 million tokens and about 85 SOL, which reproduces the curve's final price. Price moves around graduation come from traders buying or selling, and the new pool is thinner than the end of the curve.
- Is a graduated pump.fun coin safer than one on the curve?
- Not necessarily. Graduation proves about 85 SOL arrived, not who sent it. If a few wallets bought most of the supply, they can still sell it on the pool. Check holder concentration and bundles whether or not the coin has graduated.