Phantom displays different notices for unverified tokens, suspected spam, and suspicious transactions. If you see a warning on a Pump.fun or Moonshot token, read the message to understand what it means.

Platform overview #

Pump.fun and Moonit, the launchpad formerly called Moonshot, let users create and trade tokens, including memecoins based on jokes, memes, or trends.

Tokens can initially trade through a bonding curve, a formula that sets trading prices before the token moves to a decentralized exchange’s liquidity pool.

• Pump.fun: Tokens start trading on a bonding curve. When they reach the graduation threshold, liquidity automatically migrates to PumpSwap. See The Pump.fun bonding curve
• Moonit: Supports classic and flat bonding curves. When a token graduates, liquidity moves to Raydium or Meteora, depending on the launch configuration. Welcome to Moonit

Bonding-curve trades involve real tokens and funds. A displayed market cap does not represent the amount available for holders to withdraw.

Phantom notice types #

• Unverified token: Phantom’s token data providers have not recognized the token. This does not necessarily mean it is malicious. A verified badge also does not guarantee safety or future value. Token verification
• Spam flag: Phantom has detected characteristics associated with misleading, unsafe, or spam-like tokens. It may display a warning or hide the token. Spam filtering
• Transaction warning: Phantom has detected something suspicious when simulating a transaction. Stop and review the warning before proceeding. Transaction warnings

Trading risks #

Memecoins can carry substantial trading risk. Low liquidity can make it difficult to sell at the expected price, while concentrated ownership can leave prices vulnerable to large sell-offs. Token risk signals