Whales have deposited over $10 million in USDC on Hyperliquid to short Pump.fun's token futures as a hedge before the upcoming ICO on July 12. Following a spike in open interest and trading volume, the pre-sale token, initially priced at a premium, has seen fluctuating values closer to its ICO price. Speculation remains high regarding the potential for the token's fully diluted valuation to reach between $4 billion and $10 billion shortly after its launch.