# The meme coin glossary

## Bonding curve

A bonding curve is the pool a pump.fun coin starts life in: the price rises as people buy and falls as they sell, until the curve is bought out and the coin graduates. Most coins never leave it.

## Graduation (migration)

A coin graduates when its bonding curve is bought out and Pump moves it to PumpSwap, a regular trading pool, with the liquidity burned. About 1 in 75 pump.fun coins graduate through trading within a day of launch.

## Instant migration

An instant migration is a coin created, bought out and graduated by one bundle in its launch second, so it shows a big market cap from nothing. Around 4 in 10 graduations are instant migrations, and they are not breakouts.

## Bundle

A bundle is a set of transactions sent together so they land in the same block, in order, or not at all. Bundles are how a launch gets bought in its very first block.

## Launch block

The launch block is the block a coin is created in. Nobody can click buy that fast: buys in it are bundled with the launch or fired by bots. In more than 1 in 5 launches the launch block takes a tenth of the supply or more.

## Sniper

A sniper is a bot that buys a new coin in its first blocks, before people can. Snipers are often the dev's own wallets.

## Sybil wallets

Sybil wallets are many wallets run by one person, made to look like a crowd of buyers. The launch crowd is often one person wearing dozens of masks.

## Linked wallets

Linked wallets are wallets that act as one: they sign together, fund each other, or buy the same coin at the same moment. Hidden Hand groups them. Over the last 30 days, about two million linked wallets boil down to under three hundred thousand groups.

## Dev

The dev is the wallet a coin was created for, which earns the coin's creator fees. Half of all pump.fun coins come from a few thousand dev wallets.

## Creator fee

A creator fee is a small cut of a coin's trading volume paid to its creator, or on a holder rewards coin, to its holders.

## Mayhem mode

Mayhem mode is a kind of pump.fun launch in which an agent program holds part of the supply. About a quarter of launches run in Mayhem mode, and since July they graduate about twice as often as standard coins.

## Drainable liquidity

Drainable liquidity is liquidity in a pool the dev can still withdraw, which means a market cap you may not be able to sell into. The card flags it.

## Burned or locked liquidity

Burned or locked liquidity can't be pulled out of the pool. pump.fun burns it at graduation.

## Market cap

Market cap is the price times the supply. On a thin pool it moves fast and says nothing about how much you could actually sell.

## Rug pull

A rug pull is insiders selling into buyers or pulling the liquidity, so the price collapses.

## Copy-trading

Copy-trading is buying automatically whenever a chosen wallet buys. After the delay and the cost of following, it comes out behind.

## Quote token

A coin's quote token is what it is priced in: SOL for most coins, but also other tokens, stablecoins and tokenized stocks. A quote token comes with its issuer's powers, like freezing or pausing it.

## Token powers

Token powers are abilities baked into a token: minting more, freezing holders, taxing or blocking transfers, pulling tokens from any wallet, or pausing all transfers. Solana's Token-2022 standard allows all of them; the card reads them off every coin.

## PumpSwap

PumpSwap is Pump's own trading pool, where pump.fun coins trade after they graduate.