How a token is born (and why it matters)
To read the Nun Report well, it helps to understand the life of a small crypto token. This is the exact journey the pipeline mirrors.
1. Someone starts talking about it
A project shows up on X (Twitter): maybe an account you follow reblogs it, or a credible trader mentions it. There's often no token to buy yet. In the Nun Report, this is the Watching stage.
Anyone can make noise. The Nun Report weighs who is paying attention: established, credible accounts count for far more than a swarm of fresh bot accounts. See Social Attention.
2. A contract is deployed
Someone (the deployer) creates the token's contract, usually through a launchpad like pump.fun. At this moment the token exists but may not be tradable yet. The Nun Report detects the contract, X-rays it, and moves the token to Audited.
What the audit looks at:
- The code: can the team mint more, freeze wallets, or charge fees? (Most launchpad tokens are standard and safe by shape; the danger is in the exceptions.)
- The deployer: is this wallet new, or a repeat launcher with a trail of dead tokens?
- The earliest wallets: did a coordinated group grab the supply before anyone else could?
3. Liquidity is added: it goes Live
The team (or the launchpad) pairs the token with real money to create a liquidity pool. Now people can buy and sell. On many Solana launchpads this is called "graduating": the token leaves the launchpad's bonding curve and starts trading on a real exchange like Raydium. In the Nun Report, the token moves to Live.
"Live" is where most people buy, and where most get hurt. A token can look exciting (green candles, rising volume) while insiders quietly dump on the buyers. This is why the Live dossier packs in the most checks: volume authenticity, insider-bundle detection, and rug warnings.
4. It either grows… or rugs
Most small tokens fade or rug (the team pulls out, crashing it). A few survive and grow. The Nun Report keeps tracking Live tokens: if liquidity vanishes or insiders dump, it raises a red flag and can mark the token as rugged so the record is honest.
Why "graduation rate" is a thing
A token's graduation rate, the share of launched tokens that actually make it to a real market, is low. That's the reality of this space: the vast majority of new tokens go to zero. The Nun Report is built to help you avoid the ones that were designed to.
The takeaway
Every stat in a dossier maps to a moment in this journey:
| Journey moment | Where you see it |
|---|---|
| Who's talking | Social Attention, the Watching column |
| Who made it | Deployer grade + prior-launch history |
| What the code can do | Contract Audit / anomalies |
| Who got in early | Holders, insider bundle, funding provenance |
| Is the market real | Volume Authenticity, liquidity, market cap |
| Did it die | Red flags (rug, rug-warning, volume-death) |