Read the Trenches board and a coin page

The Trenches board lists new memecoins as they launch. This page explains the numbers on a row and a coin page, and which ones only describe the past. After it, you can read the columns, set filters and check a coin's page from top to bottom.

What are the three columns?

On a computer, click Trade in the sidebar: it opens on the Trenches board, where every trade uses paper money at live prices.

On Solana, a new coin first sells on a bonding curve, a launch rule: each buy moves the price up, and each sell moves it back. When the curve fills to 100%, a separate step, migration, moves the coin to a trading pool: a pot of the coin and SOL, Solana's own coin, that a program swaps between.

Hover over a column's title for its rule:

• New: launched under 6 hours ago, newest first.
• Final Stretch: on the bonding curve at 25% or more and traded in the last 45 minutes, nearest to migrating first.
• Migrated: filled the curve and moved to a trading pool, newest migration first.

The chain buttons pick the networks the board shows: Solana, BNB, Base and Robinhood. The label at the top reads Live while Solana is on, and hovering over a column pauses it so you can read.

On a phone, open Trade, Memes, then Trenches for the same lists: New, Soon and Graduated. The i beside those three tabs opens Read the row, which explains every number on a made-up coin. A green frame around a picture means still on the curve; gray means graduated, the phone's word for migrated.

What does one row show?

On a computer, a row shows only what the data feed reports, left to right:

• The picture with a small badge for its chain or launchpad, and the address cut to its first and last four characters. Click it to copy the full mint address, the coin's real identity: names and tickers can be copied. The lesson What a token page is (a token is a coin) starts every check there.
• The ticker, the coin's short name, and its full name.
• V is volume, the dollars traded in the last 24 hours. MC is market cap, the price times the supply (all the coins that exist), green when its latest price change is up, red when down.
• The age since launch, or since migrating in Migrated, green for the first hour.
• X, website, Telegram and a search for the address on X.
• Holders, the number of addresses holding the coin, red under 10. One person can own many addresses.
• The dev count, for the creator wallet (the dev): how many of its coins on this board migrated, over how many it launched here (lesson: A showcased win). Say it reads 1/4: four launches, one migrated. That shows gold, a warning: three or more launches, not all migrated.
• F, the trading fees reported on a Solana coin, in SOL. They show money moved, not that more than one wallet moved it.
• TX, how many recent trades the feed counted, with a bar of buys in green against sells in red.
• On New and Final Stretch, the curve bar: how full the curve is, gold from 80%. That gold is not a warning.
• The quick buy pill, a one click paper buy of the column's amount.

The rest of the row opens the coin page.

V, TX, F, the age and the dev count are history: the past, not what you could trade now. The holder chips, holders and the curve are signals: readings of the coin as it stands, never tips to buy or sell.

Easy to mix up: volume and liquidity. V is what already traded. Liquidity, shown on the coin page, is what sits in the pool now for your order to trade against.

What do the holder chips mean?

Up to five holder chips sit at the end of the row, each a share of the supply, red above its limit. Hover over one for its meaning:

• Top 10 (T10), red above 20%: "Share of the supply held by the 10 largest wallets. When a few wallets hold a lot, one sale can move the price hard." Lesson: Read the table.
• Dev, red above 20%: "Share of the supply the creator wallet still holds. A creator can sell into your buy." That is, it can sell to you as you buy. Lesson: The creator tag.
• Snipers (Snp), red above 10%: "Share held by wallets that bought in the first blocks after launch, usually to sell to later buyers." First blocks means the first moments. Lesson: Fix the cohort first.
• Insiders (Ins), red above 10%: "Share held by wallets the data source links to the creator." Lesson: The allocation chart.
• Bundles (Bnd), red above 10%: "Share bought together in bundled transactions. A bundle can spread one buyer across many wallets, though it does not prove it." Bundled means sent in one batch. Lesson: What a bundle is.

The row leaves off a chip the feed did not report, and an unreported Insiders chip shows blank: neither means the coin passed. The chips are never a safety score: a green chip clears one line at one moment.

How do you filter a column?

Each column has its own Search, quick buy amount ($50 until you change it) and filters:

1. Click the funnel at the top of the column.
2. Pick Holders and risk or Market.
3. Type a Min, a Max or both, such as a Market cap Min of $20K.
4. Read how many coins match, or click Reset.

While a Min or Max is set, the column hides coins with missing data. On a phone, the funnel beside the Memes buttons sets filters.

What is on a coin page?

On a computer, the header shows the ticker, chain and age, then the Market cap, Price, 24h change, 24h volume, Liquidity, Holders and ATH (all time high market cap), when the data has them.

The chart's timeframes run from 1m to 4h. Each candle sums up the trades of one stretch of time: one minute on 1m. The ranges, 1D to 1Y, set how far back it reaches. Under the gear, "Your trades" marks your paper buys and sells.

Below sit Holders, Trades, Callouts (posts on pump.fun making the case for this coin), Traders (people on Trenches who hold it) and Your positions, leaving out empty ones. Many callouts prove nothing.

On the right, under the paper ticket (How to paper trade a memecoin on Trenches):

• Learn how it works: the signals and the curve, each on a real coin.
• Bonding curve, while the coin is on it, with a "Learn it first" link to the curve lessons, from Three events, three checks in Section 19.
• Activity: the price change for 5M, 1H, 4H and 24H, and except on 4H, the buys and sells, dollars bought and sold, and buyers and sellers.
• Audit and security, headed by how many checks are clear: Top 10 hold, Dev holds, Snipers, Bundlers, Insiders, Holders, Mint authority and Freeze authority.
• About: Created, Launchpad, Supply, Dev wallet, Fees paid and links.

Mint authority is the power to create more coins, and Freeze authority the power to stop chosen wallets moving the coin. None means nobody holds that power, and it counts as clear. Active means someone still does. Lesson: Read the mint account.

ATH, Trades and Activity are history. The audit is a reading at one moment: in the app's words, "A coin can fail tomorrow what it passes today."

On a phone, and the Discover table

On a phone, a coin's screen has Callouts, Holders and About tabs. About holds its activity and Audit cards, red past the board's limits. Tap a card for its meaning.

The Memes buttons are Trending, Trenches, Movers, Gainers and Most held. Movers shows the most traded coins of the last 5 minutes, in pump.fun's own order on Solana. Gainers shows the biggest 24-hour gains, and past gains say nothing about the next move.

On a computer, the Discover tab lists coins in a table with six tabs: Trending, Blue chips (the biggest coins), Most held, Graduated (moved to a pool), Bonding (still on the curve) and Watchlist. Each tab but Watchlist names its source.