PUMP Is Down 15%, But Why Are Traders Betting $674 Million on It in the Futures Market?

PUMP token ICO has been criticized as the last exit strategy by the developers. The Pump.fun platform faces an intense competition from BONK meme-backed LetsBONK.fun. PUMP price may drop further in the coming weeks, amid macro bullish outlook, before rebounding later. After a much-hyped Initial Coin Offering (ICO) last weekend, the Pump.fun (PUMP) token is facing its first major test, with its price dropping over 15% in the last 24 hours to trade about $0.004355 on Saturday, July 19. But while the price chart is flashing warning signs, a massive surge of activity in the futures market suggests many traders are betting big on a recovery. As a result, PUMP price has slipped below the listing price of $0.00543 , according to market aggregate data from CoinGecko. However, PUMP price has yet to drop below the ICO price of $0.004, which is a major support level bolstered by the majority of the buyers. Why the futures market tells a different story for PUMP According to market data analysis from Coinglass, PUMP token has accumulated bullish aspects. For instance, the PUMP futures Open Interest (OI) has increased gradually from $104 million on July 11 to about $… The post PUMP Is Down 15%, But Why Are Traders Betting $674 Million on It in the Futures Market? appeared first on Coin Edition .

Source: Coin Edition