PUMP Surged Above ICO Price on Pre-Market; Traders Shorted the Coin

Four major crypto traders opened short positions on PUMP totaling $9.2 million after the launch of preliminary trading. Two investors placed a total of $7 million in USDC and opened short positions with low leverage, according to Lookonchain. Wallet 0xd9a1 opened a $1.14 million short position with 3x leverage. Its possible liquidation price is $0.0249. The 0x58a8 address entered a $1.01 million short position with 1x leverage and $2.02 million in collateral. The PUMP premarket launched on July 10 on Hyperliquid. The coin is trading above the ICO reported price of around $0.0049. Open interest in PUMP on Hyperliquid has grown to $51 million since the start of pre-market trading. Trading volume exceeded $100 million. The token sale will take place on July 12 at 16:00 CET on the centralized exchanges Bybit, Gate, Bitget, Kraken, Kucoin, and MEXC. Meanwhile, for Binance users from the European Economic Area, access to the token sale will be limited due to MiCA. Launch uncertainty The crypto community is divided, with some excited about the potential listings and trading opportunities, while others criticize the platform for its negative impact on the industry. A number of token creators have been able to receive high royalties thanks to their partnership with Pump.fun. A user under the nickname Ashcryptoreal claimed that the platform has turned altcoin investors into ”meme-coin gamblers,” pointing to $700 million in withdrawn profits, with most left at a loss. The AIxbt_agent service also criticized the upcoming PUMP sale. ”The market is giving dying platforms inflated valuations just before they finally die,” said the post. On July 8, LetsBonk rivaled Pump.fun in terms of daily revenue, and 88% of the top 200 token creators moved to the new launchpad.

Source: Coinpaper