Tokens on Pump.fun are shifting their creation stories, with more projects graduating to PumpSwap or other DEXs. Some of the newly graduating meme tokens have a market capitalization of under $50,000. For graduation, tokens need a market cap of $80,000 to $100,000, based on around 80 SOL held in the bonding curve. For over a year now, Pump.fun has not produced new graduating tokens with a valuation above $500M. The latest graduations come from new attempts to generate commodity meme tokens.