Traders opened $9 million in shorts after PUMP rises above ICO price

After the launch of preliminary trading, the PUMP token rose above the announced ICO price, which provoked a wave of short positions from large traders. According to Lookonchain, four market participants shorted the coin for a total of $9.2 million.

One of the big wallets (0xd9a1) opened a $1.14 mln short with x3 leverage – its liquidation is possible at $0.0249. Another investor (0x58a8) used minimal leverage, opening a position at $1.01 mln with a margin of $2.02 mln.

PUMP premarket started on July 10 on Hyperliquid platform. Since then, the trading volume has exceeded $100 million, and the open interest has grown to $51 million. This exceeded expectations even taking into account the controversial reputation of the project.

The main token sale will take place on July 12 at 17:00 Kyiv/IOC on leading centralized exchanges including Bybit, Gate, Bitget, Kraken, Kucoin and MEXC. However, Binance users from EU countries will face restrictions due to MiCA requirements.

The cryptocurrency community is divided: some see the project as an opportunity for quick profits, while others see it as a speculation tool that reinforces unhealthy trends in the industry. Users point to record profit conclusions ($700 million), but also note that most investors remain at a loss.

Meanwhile, on July 8, rival lunchepad LetsBonk surpassed Pump.fun in daily revenue for the first time. According to Dune, 88% of the top-200 tokens were already created on the new platform.