The famous frog-themed meme cryptocurrency Pepe coin has once again disrupted the usual market sentiment, with its price rising sharply despite a massive sell-off by market makers. It was recorded that nearly 703 billion PEPE were transferred to the Binance cryptocurrency exchange on July 9. The sell-off triggered bearish concerns across the cryptocurrency market.
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However, despite the massive sell-off, Pepecoin is still up about 12%, in line with today's overall recovery. Below is a brief report on this massive sell-off and PEPE's current market statistics.
Wintermute transfers 703 billion tokens to Binance
According to on-chain tracking agency Mest, Wintermute transferred 702.9 billion PEPE to Binance, worth $6.59 million. During the same period, PEPE fell 3.4%, causing investor concerns.
However, despite the massive sell-off on exchanges, the frog-themed emoji token has gradually risen, echoing the market hype about the potential for PEPE to continue to generate gains for investors.
In addition, on-chain data that surfaced in the market showed that despite the recent bearish wave in the crypto market, the smart money address 0xa14 did not sell PEPE funds on the contrary. It is worth noting that the above-mentioned smart trader has a 100% success rate in PEPE transactions and holds 512 billion coins.
It is worth noting that the average cost of the above PEPE accumulation is $0.00001399. Smart traders decided not to sell but to HODL Pepe coins, which further fueled the market's optimism about the future trend of the token.
Meanwhile, PEPE has surged on the back of a host of bullish factors that have minimized the heat altcoins have received amid recent volatility in the cryptocurrency space.
PEPE Market Status
Data from Coinglass shows that PEPE’s futures OI increased by 4.14%, and derivatives trading volume also surged by 40.67%. Combined with the price increase, these data indicate an upward trend in the Pepe coin market as of press time.
Meanwhile, recent price analysis from CoinGape Media noted that despite the volatility driven by BTC in recent days, PEPE has managed to break above its 200-day simple moving average (SMA), adding to bullish momentum. Additionally, data from Santiment shows that the number of Pepecoin holders has increased significantly by 5.76% over the past month, suggesting that investors are buying on dips.
Overall, the data is positive for the price of this frog-themed meme coin, validating its significant gains today.
