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.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“