What Happens When a Pump.fun Coin Reaches 100% on the Bonding Curve
When a Pump.fun coin's bonding curve reaches 100%, the token automatically migrates to a decentralized exchange (DEX) - specifically Raydium on Solana. The bonding curve exists as a temporary price-discovery mechanism that must be fully filled for the project to "graduate" to a permanent trading venue. Once that happens, the creator can no longer control or halt trading, and the token becomes available to any buyer or seller on the open market.
The bonding curve mechanics
Pump.fun uses a bonding curve to price each new token. The curve is a mathematical formula that sets the token price based on how many tokens have been bought so far. Early buyers get lower prices; later buyers pay more. The curve is designed to reach 100% when a fixed supply of tokens has been sold - typically around 1 billion tokens for a standard Pump.fun coin.
The key numbers: - The curve starts at near-zero price. - It ends at a price determined by the curve's parameters. That final price is the "graduation price." - The exact final price changes because the curve is dynamic, but it is always known in real time on the Pump.fun interface.
When all tokens on the curve are sold, the curve hits exactly 100%. No more tokens can be bought or sold through the Pump.fun platform itself.
What happens next: the migration to raydium
Step 1: the bonding curve closes
At 100%, the Pump.fun smart contract immediately stops accepting buy and sell orders for that token. Any pending orders are canceled. The liquidity that accumulated from all purchases on the curve is now locked in the contract.
Step 2: Liquidity Is Transferred to Raydium
Pump.fun automatically creates a liquidity pool on Raydium, a Solana-based DEX. The pool is funded with: - The SOL that was collected from all bonding curve purchases. - An equivalent value of the token itself (taken from the remaining supply not yet sold on the curve).
The ratio of SOL to token in the pool is set at the final bonding curve price. This means the first available price on Raydium is the same as the last price on the curve.
Step 3: liquidity is burned
Pump.fun permanently burns the liquidity pool tokens (LP tokens) that would normally grant control over the pool. This means no one - not the creator, not the platform - can withdraw the liquidity later. The pool is locked forever.
Step 4: Trading Begins on Raydium
The token is now tradable on Raydium. Anyone can buy or sell using any Solana wallet that supports Raydium (like Phantom or Solflare). The price is determined by the automated market maker (AMM) formula, not a bonding curve. From this point, the token behaves like any other Raydium token.
What happens to holders after migration
If you held tokens when the curve hit 100%, your tokens remain in your wallet. They are not replaced or converted. You can now sell them on Raydium at the market price.
Important: The price after migration is not guaranteed to stay at the graduation price. It can go up or down immediately, depending on buy and sell pressure. The bonding curve only set the starting price; it does not control subsequent trading.
Common outcomes after graduation
- Price spike: If demand continues after migration, the price can rise. This is not guaranteed.
- Price drop: Many tokens see a price drop shortly after graduation as early buyers take profits. The lack of a bonding curve means selling pressure can push the price down faster than it could on the curve.
- Rug pulls after migration: Because the liquidity is locked, a "rug pull" (where the creator drains liquidity) is impossible after migration. However, the creator may still hold a large supply of tokens and can sell them on Raydium. That is not a rug pull - it is selling into the market - but it can crash the price.
- No further control: The creator cannot pause trading, change the supply, or add hidden taxes after migration. The token is fully decentralized in that sense.
How This Differs from King of the Hill
King of the Hill is a separate Pump.fun feature where the top-performing token on the curve gets a temporary promotion. Graduation to Raydium is independent of that system. A token can reach 100% without ever being King of the Hill, and a King of the Hill token still must fill its curve to graduate.
What the Creator Gains and Loses
Gains: The creator receives a small fee from Pump.fun when the curve completes (typically 1 - 2% of the total SOL raised). They also get any tokens they bought on the curve or reserved in the initial supply.
Loses: The creator loses the ability to modify the token's contract or pool. They cannot stop trading or reclaim the liquidity. Their control is effectively zero after migration.
Risks to Know
- No guarantee of success: Reaching 100% does not mean the token is valuable or safe. Many tokens dump immediately after migration.
- Slippage on Raydium: Raydium pools can have thin liquidity, especially for small-cap tokens. Large sell orders can cause significant slippage.
- Scams before migration: Some creators manipulate the curve to appear close to 100%, then abandon the project. Always verify the actual curve progress.
- No refunds: Once tokens are bought on the curve, they cannot be returned. The only way to exit is to sell on Raydium after graduation.
In short: hitting 100% on the bonding curve is the moment a Pump.fun coin becomes a permanent, tradable asset on Raydium. It removes the training wheels and leaves the token to live or die based on market demand.
Not financial advice. pepecashfun.com publishes market data and general information about PEPE CASH. Crypto assets are volatile and you can lose everything you put in. Nothing here is a recommendation to buy, sell or hold, and we make no price predictions.
Prices are sourced from third parties and may be delayed or wrong. Verify anything you intend to act on against a primary source.