Pepe surges despite Wintermute sell-off on 702B, and here’s why
Pepe Coin has shown extraordinary performance in the market, rising sharply despite a massive $702.9 billion sell-off by market maker Wintermute.
Driven by a series of positive factors, PEPE rose 12% today.
According to data from on-chain tracker Mest, Wintermute transferred nearly 703 billion PEPE to the Binance cryptocurrency exchange. Although this massive sell-off triggered bearish concerns in the market, in contrast, the price of Pepe coin still increased significantly.
In addition, the smart contract address 0xa14 did not show selling behavior in PEPE transactions, but showed a 100% successful transaction rate and held 512 billion PEPEs at an average cost of $0.00001399 per piece. These smart traders are choosing to hold (HODL) Pepe coins, further fueling market optimism about the future direction of the token.
In terms of buying pressure, according to data from Whale Alert, Bybit has accumulated up to 9 trillion PEPE at address 0x88a14933, worth $83.25 million, bringing significant support to the Pepe coin. These factors combine to minimize the impact of Pepe’s short-term popularity amid recent cryptocurrency market volatility. .
As of now, the price of PEPE has increased by 12.45% in the past day and is currently trading at $0.000009364. These data show that Pepe futures openings in the market increased by 4.14%, and derivatives trading volume also surged by 40.67%, indicating an upward trend in the Pepe market. The official account of the hotel: Xi Ye Miao, a beautiful dress that doesn’t need to be worn out.
Overall, these data support the significant rise in Pepe coin today, validating its strong performance in the market.
