According to CoinJie.com, the pre-launch perpetual contracts of the upcoming PUMP token have seen high demand on several major cryptocurrency exchanges, with open interest reaching $120 million. The token is set to launch on July 12. According to CoinGlass data, the native token of this meme coin launch platform has garnered significant attention from traders. Although it has not officially launched in the market yet, its pre-launch perpetual contracts have reached $333.17 million, skyrocketing by 376.93% in trading over the past 24 hours. Most of the trading volume for the PUMP perpetual contracts comes from Binance, accounting for $204.75 million of the total on-chain trading volume. The decentralized exchange Hyperliquid is the second-largest contributor, with pre-launch trading volume of $115.4 million. The perpetual contracts of this highly anticipated token have even reached $120.12 million in open interest. Unlike the trading volume of perpetual contracts, most of the token's futures open interest comes from Hyperliquid, with open interest of $81.9 million, accounting for nearly 70% of the total open interest. The surge in futures open interest occurred the day before the token is set to debut in the cryptocurrency market on July 12. Open interest is an indicator of the number of outstanding futures contracts deployed by exchanges. Tokens do not necessarily need to be in the market for traders to set up perpetual contracts. Open interest is typically used as a measure of asset demand. Therefore, the substantial trading volume and open interest in PUMP perpetual contracts indicate strong speculative interest, even before the token launches in the market. This suggests that a large number of traders are betting on PUMP's launch price. However, high open interest may also indicate a high likelihood of volatility on the launch day. If prices are slightly below the levels set by traders for perpetual contracts, many long positions may be liquidated. This could trigger significant price adjustments for PUMP. According to the bullish sentiment data on CoinGlass, the expected price of the token is $0.0052, approximately 30% higher than the initially set token presale price. As previously reported by crypto.news, the meme coin launch platform Pump.fun will launch its native token PUMP on July 12, with the initial token offering accounting for 15% of the total token supply, approximately 150 billion tokens. The initial value of each token is set at $0.004.