Memecoin graduation explained: thresholds and where tokens migrate

Memecoin graduation is the moment a token finishes its bonding curve and its liquidity moves to a DEX pool. The trigger and the destination differ by launchpad.

Thresholds and destinations are quoted from each launchpad's docs, last checked on 2026-10-01. Graduation counts come from the MemeFees engine, 7 complete days to 30 Sep 2026 (UTC).

What happens at graduation

Graduation ends the bonding curve. The launchpad stops selling on the curve and puts the remaining tokens and the coins the curve raised into a DEX pool. That move is the migration. After it, the price comes from the pool, and the pool's fee applies.

pump.fun describes its version: “The curve is complete when its last real token is sold. Then anyone can call the migrate instruction, which moves the liquidity to a canonical PumpSwap pool.” (pump.fun program docs, checked 2026-09-25). four.meme gives the amounts: “Then 20% of the supply and all raised funds are paired on PancakeSwap.”

Not every launchpad migrates. NOXA starts each token in a Uniswap pool and only marks a milestone. LetsCash puts the whole supply in a pool at launch, so its tokens never graduate.

Graduation thresholds and destinations by launchpad

Graduation point, destination, migration fee and engine counts for each launchpad
Launchpad	Graduation point	Moves to	Migration fee	Graduations, 7 days	Median time
pump.fun Stats	“When all 793.1 million curve tokens are sold”pump.fun program docs, checked 2026-09-25	PumpSwap	0.015 SOL	8,218	1 min
LetsBONK.fun Stats	“after the curve raises 85 SOL”Raydium LaunchLab API: letsbonk.fun platform config, checked 2026-09-25	Raydium CPMM	Not published	9	2 min
Bags Stats	“85 SOL in most modes”Bags docs: customize token fees, checked 2026-10-01	Meteora DAMM v2	Not published	23	9310 min
four.meme Stats	“100% of the curve, about 18 BNB”four.meme guide: how it works, checked 2026-09-25	PancakeSwap	Not published	1	—
Flap.sh Stats	“At 800 million tokens sold, 80% of supply”Flap docs: list on DEX, checked 2026-09-25	PancakeSwap	Not published	—	—
Raydium LaunchLab	“JustSendit: 85 SOL, fixed. LaunchLab mode: a creator-set target of at least 24 SOL”Raydium: creating a LaunchLab token, checked 2026-09-25	Raydium CPMM	Not published	275	—
Pons Stats	“V1: a milestone at 4.2 ETH of WETH in the pool by default; nothing migrates. V2: when the curve sells out”Pons V1 docs, checked 2026-09-25	Uniswap v4	Not published	—	—
NOXA Fun	“A milestone, not a migration: 4.2 ETH on Robinhood Chain and MegaETH”NOXA docs: supported chains, checked 2026-09-25	Nothing moves	Not published	—	—
LetsCash	Not published	Nothing moves	Not published	—	—

Graduations and median time come from the MemeFees engine for launchpads with a graduation source. Median time is the median of the daily median times from launch to graduation. A dash means no engine figure.

Where graduated memecoins migrate

PancakeSwap: four.meme, Flap.sh
Raydium CPMM: LetsBONK.fun, Raydium LaunchLab
Meteora DAMM v2: Bags
PumpSwap: pump.fun
Uniswap v4: Pons
No migration: NOXA Fun, LetsCash

What the graduation data shows

Eight of the nine launchpads publish a graduation point. LetsCash publishes none, and its docs say: "Tokens never graduate or migrate".

Where a token goes next depends on the launchpad. Graduated tokens move to PancakeSwap from four.meme and Flap.sh, Raydium CPMM from LetsBONK.fun and Raydium LaunchLab, Meteora DAMM v2 from Bags, PumpSwap from pump.fun and Uniswap v4 from Pons.

NOXA Fun marks a milestone instead of a move. NOXA Fun: "A milestone, not a migration: 4.2 ETH on Robinhood Chain and MegaETH".

Most published targets are an amount of SOL, BNB or ETH in the curve or pool: 85 SOL on LetsBONK.fun, 85 SOL on Bags, about 18 BNB on four.meme, 85 SOL or at least 24 SOL on Raydium LaunchLab, 4.2 ETH on Pons and 4.2 ETH on NOXA Fun. pump.fun and Flap.sh count tokens instead, so their published threshold is a token count, not a SOL or BNB amount.

pump.fun charges 0.015 SOL when a token migrates. No other launchpad in the table publishes a one-time migration fee.

In the 7 complete days to 30 Sep 2026, the MemeFees engine counted 8,218 graduations on pump.fun, 275 graduations on Raydium LaunchLab, 23 graduations on Bags, 9 graduations on LetsBONK.fun and 1 graduations on four.meme. The median of the daily median times from launch to graduation was 1 minutes on pump.fun, 9310 minutes on Bags and 2 minutes on LetsBONK.fun.

Frequently asked questions

What is pump.fun graduation?

A pump.fun coin graduates "when all 793.1 million curve tokens are sold". The liquidity then moves to a PumpSwap pool, and the coin trades there with the PumpSwap fee schedule.

What is the pump.fun graduation market cap?

pump.fun publishes no fixed market cap or SOL amount for graduation. The curve ends when all 793.1 million curve tokens are sold, so the market cap at that point depends on the coin's price in SOL.

Is there a fee when a memecoin graduates?

On pump.fun, yes: a one-time 0.015 SOL migration fee. No other launchpad in the MemeFees table publishes a fee at graduation.

Does pump.fun still migrate to Raydium?

No. pump.fun moves graduated coins to its own PumpSwap pools. Its program docs, published in April 2025 for the move to PumpSwap, mark the old path to Raydium as disabled.

What happens when a memecoin graduates?

The curve stops selling, and the token and the raised funds go into a DEX pool. From then on, the price comes from the pool and the pool's fee applies. On NOXA and LetsCash, nothing moves: the token is in a pool from launch.

Fee facts are quoted from each launchpad's own documentation, with the date we last checked it. Fees and revenue come from DefiLlama; launch, graduation and survival figures come from the MemeFees engine (see the methodology). MemeFees is independent and not affiliated with any launchpad on this page. This page is general information. It is not financial advice.