People have no idea how cheaply and easily memecoin valuations can be manufactured on a standard Pump fun launch (@ $78 SOL)

$6.6K → 79.3% → $32K MC
$13.7K → 90% → $137K MC
$27.4K → 95% → $548K MC
$45.7K → 97% → $1.52M MC
$68.6K → 98% → $3.43M MC
$91.4K → 98.5% → $6.1M MC
$137K → 99% → $13.7M MC
$274K → 99.5% → $54.8M MC
$548K → 99.75% → $219M MC
$1.37M → 99.9% → $1.37B MC
Cost of bundle, % bundled, open MC ^
These could be changed to make it even cheaper and assume no external buys / fee changes / LP were done by anyone except the bundle hence the famously used block0
At graduation, about 79.3% of supply has been sold from the curve and ~20.7% becomes LP. Each additional bundled buy removes supply from that pool
So naturally as the bundle approaches 100%, LP supply shrinks a lot and small buys/sells move market cap drastically
The risk is fairly low as it’s 1.25% fee in + 1.25% fee out but increases a lot if you bundle post graduation
At graduation, ~20.7% of supply and part of the SOL become locked LP so you can’t fully retrieve the bundle
That’s why a minimum bundle can lose roughly 22–23% even with no outside selling
This is a must to understand because it helps you read the team’s intent and trade
If they accept a large bundle loss, they likely expect real post launch demand and will push it
But if they use a cheap bundle and rely on buyers to graduate it, they have little skin in the game and are more likely to rug