What Auditing 832,941 Pump.fun Launches Taught Me About Memecoin “Success”

In July I released a preprint that analysed 832,941 token launches on pump.fun and reported that only 0.198% of them "graduated" within 24 hours. The number travelled further than anything I have published: exchange blogs, news sites and social media posts repeated it, in many languages. This is not a story about a typo. It is about a measurement trap that anyone who builds or reads on-chain statistics can fall into, and explaining it is more useful than the number ever was. On pump.fun , a new token trades on a bonding curve.