Crypto Whales Bet Against PUMP on Hyperliquid – Is the Hype Over?

Crypto's big players are making moves—and they're not bullish on PUMP.

Hyperliquid's order books reveal whales stacking short positions against the memecoin darling, signaling a potential reversal. Are retail traders about to be left holding the bag again?

When the suits start betting against viral tokens, it's usually time to pay attention. But in crypto, sometimes the 'smart money' just means bigger fools with deeper pockets.

Whales predict different PUMP scenarios after the launch

The first whale position fluctuated between $744K and $700K depending on the notional value of the pre-traded token. The whale has chosen a liquidation price of $0.02. The whale’s position allows for more leeway in the case PUMP rallies in its early trading. 

The other trader’s position reached a notional value above $790K at one point. This whale chose an extremely low entry price of $0.005 and has a liquidation price of $0.009. 

For now, on-chain data shows these are the most significant PUMP positions, coming within the first hours following the PUMP-USD pair launch. 

PUMP will be sold at $0.004, expecting to distribute 150T tokens. The initial trading may easily liquidate the early short positions, especially if not all traders can send their tokens to an exchange for selling. 

Binance to offer 5X leverage for PUMP

Binance has also announced it WOULD add its own perpetual futures market for PUMP. The exchange will offer up to 5X leverage. 

The trading pair launched as of 7:30 UTC on July 10, adding another tool for PUMP price discovery. 

The current futures market for PUMP remains extremely chaotic, with high funding rates for short positions. Funding rates jumped to 1,100% annualized for Hyperliquid short positions, showing an expectation the token sale would end in a crash.

Ahead of Binance’s pair launch, KuCoin offered outright token purchases capped at $1M per person. This is higher than the Bybit limit of 500K per individual user. The exchange filled its pre-launch subscription within hours. 

The token sale is limited to traders outside the EU and the USA. Hyperliquid may remain the most viable option for exposure to PUMP, without outright holding the token. 

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