Before graduation
On pump.fun, every token begins on a bonding curve. Liquidity is mechanical. Price discovery is fast, emotional, and often brutal. Most curves never complete. They stall, reverse, or get abandoned when the first hype wave ends. Viewers see a chart. Insiders see a filter.
Pulchra Femina ($Femina.) cleared that filter. Graduation means the bonding curve filled, liquidity migrated to DEX, and the token entered a different game — still volatile, still small-cap, but no longer trapped in the launch mechanics of the curve itself.
This post explains what graduation changed, what it did not change, and how conviction holders should read $Femina. after the milestone.

