The pre-market price on $WLFI isn’t important due to the shorting mechanic to hedge and lock in profits from pre-salers. Using perps, you can effectively lock in a sale price: Hedging and locking in profits explained🧵 If I were a liquid firm that aped 10,000,000 tokens @ 0.015 at listing price (c.b $150k) @ 0.40, I would be sitting at a $4m position (UPNL 3.85m). If I want to lock in this gain, I short the price I’m happy with. In this case, it’s a 20% unlock, so I short 2,000,000 tokens @ 0.4. Now, if the price goes higher than 0.4, this offsets short losses by the gains I made from token appreciation. If the price drops, the unrealized token losses are offset by short PnL. Basically, whatever price I decide to hedge at is my exit. This is exactly the same as liquid firms that bought size in $Pump and then shorted perps. Obviously, there’s funding to consider, but over a short unlock period, this is generous. With the hedging, it’s important that the fund allows enough money to not be squeezed on the short, which ruins this strategy. Personally, I didn’t bother to implement this strategy @ 40bn FDV; I believe it can go higher, but just my two cents.