Pepe Coin has shown surprising strength, rising by 12% today despite a massive sell-off by Wintermute. On July 9, nearly 703 billion PEPE tokens were dumped onto the Binance exchange, which raised concerns about a market downturn.
Despite this huge sell-off, Pepe Coin surged about 12%, aligning with a broader market recovery. Here’s a brief overview of the big dump and Pepe Coin’s current market performance.
Pepe Coin Defies Market Trends Amid Massive Sell-Off
On-chain tracker Mest revealed that Wintermute moved 702.9 billion PEPE tokens, valued at $6.59 million, to Binance. During this time, PEPE’s price dropped by 3.4%, causing concerns among investors.
Despite the significant sell-off, Pepe Coin has gradually surged, reflecting growing market interest and potential for future gains. Data also showed that a smart money address, 0xa14, avoided dumping PEPE tokens despite a recent bearish trend. This address, known for its successful trading, holds 512 billion PEPE tokens with an average purchase price of $0.00001399. The decision to hold rather than sell has boosted optimism about Pepe Coin’s prospects.
Additionally, Whale Alert reported that address 0x88a14933 accumulated a massive 9 trillion PEPE tokens, worth $83.25 million, from Bybit today. This large accumulation adds significant buying pressure and supports the bullish outlook for Pepe Coin.
At the same time, PEPE has risen despite the recent volatility in the crypto market, thanks to several positive factors that have helped it stay strong.
Pepe Coin Shows Strong Bullish Signs Amid Market Volatility
As of now, PEPE’s price has risen by 12.45% in the past day, trading at $0.000009364. The coin’s price has fluctuated between $0.000008238 and $0.000009555 in the last 24 hours.
Coinglass data reveals a 4.14% increase in PEPE’s futures open interest and a significant 40.67% rise in derivatives volume. This data, combined with the price increase, suggests a positive market trend for Pepe Coin.
Despite recent market volatility driven by Bitcoin, PEPE has remained above the 200-day simple moving average (SMA), indicating a bullish trend. Additionally, Santiment reports a 5.76% rise in the number of Pepe Coin holders over the past month, suggesting that investors are buying the dip.
Overall, this data points to a bullish outlook for Pepe Coin, supporting its impressive gains today.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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