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PUMP Token Sell-Off Sparks Concerns
PUMP Token – The Solana-based platform Pump.fun is just days away from launching its much-hyped PUMP token ICO on July 12. However, major investors—or “whales”—are not convinced by the hype. Instead, on-chain data reveals that they are taking a bearish stance, betting against the token’s success.
Massive Short Positions Signal Skepticism
According to Lookonchain analytics, over $11 million USDC has been deposited into the Hyperliquid perpetual DEX, with multiple newly created wallets shorting the upcoming PUMP token at 1x to 2x leverage. One wallet alone recently moved $4 million USDC to short PUMP with 2x leverage, while two others combined for a $7 million short position just hours before the ICO launch.
This timing is crucial, as the tokenomics reveal is set to happen the same day. The sudden surge in bearish bets has raised concerns about the project’s transparency and market timing, especially after Pump.fun was suspended from X (formerly Twitter) just weeks ago.
Founder’s Flip-Flop and $741 Million SOL Sell-Off Add Fuel to the Fire
Adding to the controversy, Pump.fun’s founder took a surprising turn—from publicly criticizing token presales as scams to now embracing an ICO launch. This about-face has raised eyebrows in the community.
Moreover, between May 19 and June 10, Pump.fun sold approximately 4.1 million SOL—worth around $741 million—at an average price of $180. A large portion, 3.84 million SOL, was deposited to Kraken for liquidation, fueling speculation that insiders may be cashing out ahead of the ICO and potential market volatility.
What’s Next for Pump.fun?
With increasing bearish activity and lingering questions about how ICO proceeds will be managed, the spotlight is on Pump.fun as it approaches a critical moment. Investors and observers alike will be watching closely to see whether the project can deliver on its promises or fall victim to growing skepticism.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
