Whales Bet Against Pump.fun Token Ahead of ICO as Hyperliquid Shorts Surge

Market skepticism surrounds Pump.fun's upcoming PUMP token ICO as on-chain data reveals significant bearish positioning by whales. Over $11 million in USDC has been deposited into Hyperliquid perpetual DEX, with newly created wallets opening leveraged short positions against the token. One entity moved $4 million to short PUMP at 2x leverage, while two others combined for a $7 million 1x leveraged short.

The timing is notable, occurring just two days before Pump.fun's scheduled July 12 ICO launch and tokenomics reveal. This bearish activity coincides with a notable shift in stance from the project's founder, who previously expressed skepticism about presales but is now launching an ICO.

The concentrated short activity suggests institutional traders anticipate downward pressure on PUMP's price post-launch. Market participants will be watching closely to see whether this whale activity represents informed positioning or an attempt to influence market sentiment ahead of the token's debut.