The price differences among various exchanges before the pump are quite large. Binance is at 0.52, and Hyperliquid is at 0.55. This aligns well with the user demographics; there are quite a few bullish sentiments in the English-speaking community, while the Chinese community is mostly FUD, discussing arbitrage. In terms of open interest, Hype is much higher than Binance, but the trading volume is led by Binance. It’s possible that the Hype team is lifting the price with their positions on Hype, while Binance has a lot of retail investors speculating. I’d rather go long on $bonk than on $pump. Participation must also involve hedging, and I even think about going in naked short if there’s a violent drop. Overall, it’s a test for various KOLs; I’m not a KOL, so I’ll just observe for now. 👀