The cryptocurrency world is constantly full of surprises, and this time Pepe the Frog took the leading role. In a move that shattered market expectations, meme coin Pepe (PEPE) surged a remarkable 12% today, July 9, despite a massive sell-off by a major market maker. Here are the details...
Whales are active in the Meme coin project
This move began when on-chain tracker Mest uncovered the massive PEPE sale by Wintermute. A massive transfer of 702.9 billion PEPE tokens, worth approximately $6.59 million, was made to the Binance exchange. As expected, this mass selling wave reduced the price of PEPE by 3.4%. But unexpectedly, the internet's most famous meme, Pepe, was not cowed by fear. Despite all the difficulties, the frog-themed token has been on a steady rise and defied the downward trend. This unexpected resilience increased speculation that PEPE could survive even in difficult market conditions.
Another element that attracted attention was the behavior of the mysterious "smart money" address 0xa14. This smart investor, with an impressive track record in PEPE trading, chose not to sell his impressive trove of 512 billion PEPE tokens during the recent market surge, and this HODL (Hold On for Dear Life) strategy has created optimism in other investors. It is important to note that the average purchase price for PEPE from this address is just $0.00001399; This shows that there is huge profit potential if the price continues to rise.
What's behind the rise of PEPE?
Another whale, address 0x88a14933, made a significant splash by purchasing 9 trillion PEPE tokens from Bybit, investing a staggering $83.25 million. This large purchase brought strong bullish pressure to the market and supported PEPE's uptrend. There were other factors that contributed to Pepe's performance. Unlike other cryptocurrencies that have coped with recent market volatility, PEPE has managed to stay above the 200-day simple moving average (SMA), an important technical indicator that indicates a long-term trend.
Additionally, data from Santiment shows that 5.76% of PEPE holders increased in the last month and turned this period of decline into an opportunity to accumulate more tokens. As of writing, PEPE is trading at $0.000009364, an increase of 12.45% in the last 24 hours. Meme coin's futures open interest (OI) increased by 4.14%, while its derivatives volume increased by a massive 40.67%. This data shows that bullish supporters expect a strong market uptrend for PEPE.
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