Following the launch of preliminary trading on PUMP, participants in the crypto market have begun to actively open short positions, indicating rising uncertainty around the new token.
Details of Short Positions
Four major crypto traders opened short positions on PUMP totaling $9.2 million. According to Lookonchain, two investors placed a total of $7 million in USDC and opened short positions with low leverage. Wallet 0xd9a1 opened a $1.14 million short position with 3x leverage, and 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.
Launch and Market Conditions
The PUMP premarket launched on July 10 on Hyperliquid, and the coin is currently trading above the reported ICO price of around $0.0049. Open interest in PUMP on Hyperliquid has grown to $51 million since the start of pre-market trading, with trading volume exceeding $100 million. The token sale will occur on July 12 at 16:00 CET on centralized exchanges Bybit, Gate, Bitget, Kraken, Kucoin, and MEXC. Meanwhile, access to the token sale will be limited for Binance users from the European Economic Area due to MiCA.
Community Opinions on PUMP
The crypto community is divided in their opinions on PUMP, with some excited about potential listings and trading opportunities, while others criticize the platform for its negative impact on the industry. 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claimed that the platform has turned altcoin investors into 'meme-coin gamblers,' pointing to $700 million in withdrawn profits, with most left at a loss.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 PUMP launch has generated significant interest in the cryptocurrency market despite criticism and risks associated with short positions. Community opinions remain divided, highlighting the uncertainty surrounding the new token.
