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$PUMP is starting to look like a leverage experiment. Open interest jumped $40.83M to $355.08M, while funding climbed roughly 10× to 0.0072%. Spot netflow was also negative by about $1.13M, consistent with tokens moving away from exchanges. #Translation: traders aren’t just watching the meme machine—they’re adding risk to it. The next volatility burst could be much louder than the last.