The biggest graduated pump.fun coin in this morning’s sweep carries a $283,950,332 market cap. The pool behind it holds $1,381,899. Divide one by the other and you get 0.5 percent. Half of one cent on the dollar of that cap exists as money that can actually trade.
That is what the pool test is for. The market cap is not the market.
The two numbers do different jobs. The market cap is every token valued at the price of the last trade. The pool is the pair of balances, tokens on one side and dollars on the other, that every real buy and sell runs through. The cap is a claim. The pool is the till.
The test itself is one division. Pool divided by cap. It answers a single question: how much of the printed value is standing there as cash.
What 1,000 graduates print this morning
The sweep pulled 1,000 graduated pump.fun coins and set each pool against its cap. The pattern runs one direction. The bigger the cap, the thinner the pool behind it.
| Cap size | Coins | Median pool share of cap |
|---|---|---|
| $1 million and up | 15 | 1.4% |
| $250K to $1 million | 11 | 10.8% |
| $100K to $250K | 14 | 22.0% |
| $30K to $100K | 39 | 40.9% |
| Under $30K | 921 | 198.6% |
All 15 of the coins at a million and up sat on pools under 10 percent of their caps. Twelve of the 15 were under 5 percent. The five biggest caps in the sweep, $146 million to $283 million, all landed between 0.5 and 0.7 percent.
The bottom row needs its own sentence. A pool value counts both sides of the pair, the token side and the dollar side together, so a young pool can print above the cap. That is how the number is built, not a bonus. What it says at small sizes is that the cash in the pool was on the order of the coin’s whole printed value. At the top of the sweep, that cash was one or two cents on the dollar.
On the curve the book is still honest
Coins still inside their launch have not built a market yet, and the numbers show it. A pull of 23 coins at 70 percent or more of the launch curve found a median pool share of 90.1 percent. The board this morning carried the same shape. SOLV, a $13,598 cap on a $12,918 pool, 95 percent. KEK, $14,665 on $14,396, 98 percent.
One card on the board was past its curve already. ZELDA, a $107,731 cap on a $29,945 pool, 27.8 percent, in line with the 22 percent median of its size band. Same board, same morning, and one division separated a book that still roughly matches its printed size from a cap that has run far past its till.
What the number means for a reader
A cap sitting on a 0.5 percent pool is a price applied to 0.5 percent of the thing being priced. The other 99.5 percent of the cap has no cash standing behind it. Real exits run through the pool, and the pool is what it is. The sharpest case in the sweep was H2OFAUCET, a $4,048,579 cap standing on a $3,309 pool. 0.1 percent.
The test has limits and they matter. A thin pool share does not by itself mean a coin is crooked. At big caps most supply sits in wallets outside the pool, and the last trade prices all of it, so the share falls almost mechanically as a coin grows. What the division measures is narrower and still useful: how much of the printed number is money that can trade. It says nothing about why a pool is thin, or what happens next.
Both numbers are printed on the board cards every day, cap and pool side by side, so the division is visible without leaving the card. For what a real exit costs against a thin book, the checker sizes the price move an actual trade amount would make. We walked the caps-versus-pools gap in an earlier post, when the three biggest caps on one pull all carried pools under 3 percent. Today’s sweep says that gap is the norm at the top, not an exception. And the moment a coin leaves its curve, the pool becomes the whole game: graduation has been a risk event in our record, not a finish line.
Method: on the morning of November 5, 2026, one sweep pulled the first ten pages of the graduated pump.fun feed, 1,000 coins, and divided each pool’s dollar value by its cap. A second pull took 23 coins at 70 percent or more of the launch curve, and the card examples come from the same morning’s live board. This is one moment in time; pools move with trading, and a sweep of feed pages is not a random sample. The bands above $250K held 15 and 11 coins, so those two medians carry small samples and should be read as such.
