Short answer
When a bonding curve fills, the launchpad moves the token's liquidity into a regular decentralized exchange pool, and trading continues there.
Graduation is triggered when enough of the curve has been bought. The SOL raised and the remaining tokens are deposited into an exchange pool, and the LP tokens are often burned, which locks that liquidity permanently.
Graduation tends to bring a burst of attention, because the token becomes visible on more trading tools. It's also a common moment for early buyers to take profit.
Reaching graduation says a token attracted buyers. It says nothing about whether it will keep them.
See the checks for yourself
Every token on DYOR comes with a rug check, and every trader with what their copiers actually made.
18+ only. Self-custodial: you keep your keys. 0.5% per trade, no minimum. Memecoins can go to zero.