Except for Alon's sudden realization of conscience, I can't think of any reason why $pump would rise.

The current contract data for pump is identical to that of $M, but in reverse.

70% of pump's participants are long with 53% holding positions. 30% are short with 47% holding positions. How much hedging capital can there be in this?

MemeX four days ago had 70% of participants short with 45% holding positions. What happened afterwards, you must have witnessed it.