Crypto Whales Load Up on PUMP Tokens Amid Price Spike

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 worth around $2.4 million, marking their first PUMP purchase in over a year. This recent accumulation accounts for about 3% of PUMP's trading volume, which stands at around $121.4 million.

PUMP's price has been on the rise, spiking by 18% in the last 24 hours and 46% in the last seven days. Its market cap has increased to around $3 billion, with its futures turnover being about 8.6 times larger than its spot turnover. The token's open interest stands at around $672.28 million, with approximately $3.14 million worth of PUMP positions being liquidated over the past day.

The recent activity in PUMP futures has been particularly high, with over $1.04 billion traded in the last 24 hours. Notable on-chain traders, such as Machi Big Brother, have been making profitable trades with PUMP, with Machi closing a long position and realizing profits of around $827,000 on September 30.