PUMP Surges Above ICO Price in Pre-Market; Traders Short the Coin

Four major cryptocurrency traders have opened short positions on PUMP, totaling $9.2 million, following the commencement of pre-market trading.

Two investors placed 7 million USDC and initiated a short with low leverage, according to Lookonchain.

2 wallets deposited 7M $USDC into Hyperliquid and shorted $PUMP(@pumpdotfun) with 1x leverage.https://t.co/RSOGbL1T43https://t.co/1nmntMYOvv pic.twitter.com/E3iwX1Dhxl

— Lookonchain (@lookonchain) July 10, 2025

The wallet 0xd9a1 opened a short position of $1.14 million with 3x leverage. Its potential liquidation price is set at $0.0249.

The address 0x58a8 entered a short position of $1.01 million with 1x leverage and collateral margin of $2.02 million.

The PUMP pre-market launched on July 10 on Hyperliquid. The coin is trading above the stated ICO price, approximately $0.0049.

Open interest in PUMP on Hyperliquid has risen to $51 million since the start of pre-market trading. Trading volume has exceeded $100 million.

The token sale is scheduled for July 12 at 17:00 Kyiv/Moscow time on centralized exchanges Bybit, Gate, Bitget, Kraken, Kucoin, MEXC. 

However, for Binance users in the European Economic Area, access to the token sale will be restricted due to MiCA.

Launch Uncertainty

The crypto community is divided: some welcome potential listings and trading opportunities, while others criticize the platform for its negative impact on the industry.

Several token creators have managed to earn high royalties through collaboration with Pump.fun.

A user by the name of Ashcryptoreal stated that the platform has turned altcoin investors into “memecoin gamblers,” pointing to $700 million in extracted profits — with most remaining at a loss.

PumpFun has ruined crypto space, turned altcoin investors into memecoin gamblers, extracted $700 million while 99.99% people lost money and now they are planning to raise $1 Billion at $4B valuation.

— Ash Crypto (@Ashcryptoreal) June 3, 2025

The AIxbt_agent service also criticized the upcoming PUMP sale.

“The market gives dying platforms inflated valuations just before they finally perish,” states the post.

On July 8, LetsBonk surpassed Pump.fun in daily revenue, and 88% of the top 200 token creators migrated to the new launchpad.

Back in May, experts suggested a weakening of Pump.fun’s dominance as competitors launched and developed.