Crypto Whales Flock to PUMP, Buy Up $3.6 Million in Tokens
Crypto whales have been buying up PUMP tokens, with two large wallets accumulating a combined 572.56 million PUMP tokens worth approximately $3.6 million. The whale known as 'netherlol' purchased 383.34 million PUMP, its first PUMP purchase in over a year, for around $2.4 million. Another wallet withdrew 189.22 million PUMP from MEXC, but its intentions are unclear. The $3.6 million accumulation accounts for about 3% of PUMP's trading volume, which stands at around $121.4 million. PUMP's price has surged by 18% in the last 24 hours, reaching around $0.006426, and has rallied by 46% in the last seven days.
Notably, PUMP futures have seen particularly high activity, with over $1.04 billion traded in the last 24 hours, compared to a spot market volume of $121.39 million. This means PUMP's futures turnover is about 8.6 times larger than its spot turnover. The token's open interest, which shows the total value of open derivatives positions, is around $672.28 million. Over the past day, approximately $3.14 million worth of PUMP positions have been liquidated, with about 78% of these being shorts.
PUMP has become a favorite among notable onchain traders, with Machi Big Brother recently making 10 profitable trades with the token. However, PUMP's price can be extremely volatile, as seen on October 3 when a sudden price drop liquidated two large traders who held 707.6 million PUMP worth around $3.61 million.