What factors link exchange listings to a token's price pump?

[Victor]

It’s widely recognized that exchange listings often trigger price pumps for tokens, but this isn’t always the case. So, how exactly does this work? Is the price surge purely driven by increased trading volume? If that’s the case, why do some tokens with rising trading volumes still underperform? I’m trying to better understand the dynamics at play. Could someone shed some light on this? Because I've seen some listing on Bitget lead to pumps but when that same token gets listed on other exchanges even Binance, the pump isn't as large in rare cases. Also, feel free to share examples of the largest pumps you’ve witnessed following a listing—I’d love to see how dramatic these events can get!