Even before its official launch, the new PUMP token from the memecoin platform Pump.fun is seeing explosive activity in the derivatives market. Perpetual futures for the token are already trading at a nearly 30% premium over its announced ICO price, a clear signal of strong demand from traders wanting early exposure. This pre-market frenzy suggests a growing appetite among investors, and the numbers tell a compelling story about the anticipation for this token. Pre-market Sentiment: Explosive Growth in Derivatives Pre-market perpetual contracts for PUMP have already seen exceptional traction. These contracts have recorded a trading volume of $346 million and an open interest of $115 million. Dominant long sentiment continues to define market behavior, reflecting confidence in the token’s upside potential. Interestingly, the pre-market price of $0.0052 is about 30% higher than the presale rate, indicating rising demand. Source: Coinglass Besides this, the broader derivatives data points to significant market engagement. Trading volume surged 250.80% to hit $318.66 million. Meanwhile, open interest jumped 152.64%, reaching $122.29 million. Though specific figures for options activity remain unavailable, the existing data clearly signals an energetic and volatile trading environment. These sharp increases show that traders are actively positioning themselves ahead of the token’s official debut. Short-Term Correction Hits Over-Leveraged Bulls Despite the bullish sentiment, the market faced a notable shake-up. In the last 24 hours, total liquidations amounted to $422,460. Related: Is the PUMP Token Just Another Meme or a Massive Rug Pull in Disguise? Notably, $331,370 came from long positions, while short liquidations totaled $91,090. This pattern implies that a short-term correction may have disrupted previously strong buying pressure. However, this pullback might just be a healthy reset in an overheated market. Strong On-Chain Metrics and DeFi Adoption Source: DefiLlama The hype around the PUMP token is supported by the impressive growth of the Pump.fun platform itself. Its Total Value Locked (TVL) has climbed to $167.94 million. Related: Are SOL, DOGE, XRP And ADA Preparing For ‘Disbelief Pump’? Additionally, the platform generated $658.12 million in annualized fees and $399.28 million in revenue. Furthermore, its 30-day DEX volume reached $11.299 billion, highlighting strong liquidity presence. The chart reveals continuous TVL growth, peaking in July. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.