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Migration Rug

A rug executed by the developer dumping pre-graduation holdings into thin post-migration liquidity during the graduation candle. The brief high-volume window immediately after migration is the exit window. The modal outcome for newly migrated Pump.fun tokens in 2026.

See also
Tokenomics Graduation The transition from Pump.fun's bonding curve to a live AMM pool (PumpSwap since March 2025). Requires roughly 85 SOL in buy pressure; LP tokens are automatically burned. Approximately 0.63% of launches graduated in September 2025. Graduation is the minimum threshold of survival, not evidence of quality. → Security Soft Rug A rug executed by the developer selling their pre-allocated supply into existing liquidity without touching the pool. Technically legal in most jurisdictions. Produces the 'death by a thousand cuts' chart — lower highs, lower lows, ATH formed early and never retested. The most common form of extraction. → Tools Migrated (Axiom) The Pulse sub-feed showing tokens that have completed their bonding curve and now trade on PumpSwap or Raydium. The first 30 minutes post-migration is the modal distribution window — early holders with the most unrealized gain and the most accumulated SOL to sell into the new AMM liquidity. →
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