Pepe Coin, the renowned frog-themed meme cryptocurrency, has once again defied market expectations by surging in value despite a significant dump by a major market maker. On July 9, nearly 703 billion PEPE tokens were offloaded onto the Binance crypto exchange, raising bearish concerns. However, Pepe Coin rallied approximately 12%, buoyed by favorable market dynamics.
Wintermute Dumps 702.9 Billion Coins to Binance
According to the on-chain tracker Mest, Wintermute moved 702.9 billion PEPE, worth $6.59 million, to Binance. This transaction caused an initial 3.4% drop in PEPE’s value, igniting investor concerns. Despite this, the meme token gradually surged, indicating strong market resilience and potential for gains.
On-chain data revealed that a smart money address, 0xa14, refrained from dumping its PEPE holdings despite the bearish trend. This trader, with a 100% success rate in PEPE trading, holds 512 billion coins at an average cost of $0.00001399. The decision to hold rather than sell has bolstered market optimism for PEPE’s future performance.
Additionally, Whale Alert reported that an address, 0x88a14933, accumulated 9 trillion PEPE worth $83.25 million from Bybit, adding significant buying pressure and bullish support for the token.
Market Reactions and PEPE’s Price Surge
At press time, PEPE’s price saw a 12.45% increase over the past day, trading at $0.000009364. The token’s 24-hour lows and highs were $0.000008238 and $0.000009555, respectively. Coinglass data showed a 4.14% increase in PEPE’s futures open interest (OI) and a 40.67% rise in derivatives volume, indicating a market uptrend.
Recent price analysis by CoinGape Media highlighted that despite recent volatility driven by Bitcoin, PEPE has managed to trade above the 200-day simple moving average (SMA), suggesting a bullish trend. Furthermore, Santiment data indicated a 5.76% increase in PEPE holders over the past month, signaling that investors are buying the dip.
Conclusion
Despite a massive 702.9 billion token dump by Wintermute, Pepe Coin has shown remarkable resilience and upward momentum. Strong market dynamics, significant buying pressure, and a growing number of holders have all contributed to PEPE’s recent surge. This bullish trend underscores the meme token’s potential to continue offering gains to investors.
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