PUMP Is Down 15%, But Why Are Traders Betting $674 Million on It in the Futures Market?
2025-07-19 08:26:36
Main Idea
Despite a 15% price drop, the PUMP token has seen significant bullish interest with $674 million in futures open interest, while facing competition from LetsBONK.fun.
Key Points
1. PUMP token price dropped over 15% in 24 hours, trading at $0.004355, below its listing price of $0.00543 but still above its ICO price of $0.004.
2. PUMP futures open interest (OI) rose from $104 million to $674 million between July 11 and July 19, indicating strong bullish demand.
3. Pump.fun raised over $500 million in its ICO but faces competition from Bonk-backed LetsBONK.fun, which has a 55% market share on Solana compared to Pump.fun's 37%.
4. PUMP's price decline has led to a double-top formation and bearish RSI divergence, with a potential recovery if it closes above $0.0067.
5. The first beneficiary of Pump.fun's creator fees program was X user Ricco for the Chill House meme page.
Description
PUMP token ICO has been criticized as the last exit strategy by the developers. The Pump.fun platform faces an intense competition from BONK meme-backed LetsBONK.fun. PUMP price may drop further in the coming weeks, amid macro bullish outlook, before rebounding later. After a much-hyped Initial Coin Offering (ICO) last weekend, the Pump.fun (PUMP) token is facing its first major test, with its price dropping over 15% in the last 24 hours to trade about $0.004355 on Saturday, July 19. But while t...
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