#pump pump has been successively launched these days, and the contract open interest increased by 64% in 72 hours. The overall base position is mainly dominated by a small number of long positions, and yesterday's pullback was also mainly a pullback driven by the increase of long positions rather than a long and short opening (24-hour net inflow of 18 million).
Looking at the official Twitter of pump.fun these days, they are working hard to promote their own token, and the project party must have strength. Currently, it’s not a good time to sell at this price level, and a large amount of unlocking will occur later. However, I think the market panic selling before and after the unlocking might actually be an opportunity to try buying at low multiples.
Additionally, looking at the fact that pump has already listed on several small exchanges, it shouldn't be difficult for it to go live on Binance given its popularity, which is also a potential positive factor.
There’s no rush to chase and buy at a high price right now. The strength of the rally from yesterday to today is actually not strong, as if it is not about to start. At the same time, the data shows that the main force currently has not particularly increased the long positions in large quantities, and the smaller level main force has a relatively obvious action to close some long positions. It is likely that there will still be a washout, so it’s better to pay attention and wait for good opportunities.