Pepe Coin (PEPE) Jumps 12% Despite Sell-Off From Top Market Maker
- WBOYOriginal
- 2024-07-16 11:34:18427browse
PEPE’s recent movement defies market expectations and coincides with recovery in the entire crypto market.
A recent development in the cryptocurrency market saw Pepe Coin (PEPE), a memecoin known for its frog theme, experience a 12% price increase despite a substantial sell-off by a leading market maker.
According to data provided by Mest, a service that tracks on-chain activity, market maker Wintermute transferred 702.9 billion PEPE, valued at approximately $6.59 million, to Binance. This transaction is the latest in a series of large-scale PEPE transfers.
Interestingly, despite the expectation that such a dump would lead to a price decline for PEPE, the opposite occurred. The memecoin's price surged by 12% within 24 hours, indicating a strong resilience to the sell-off.
This rally is further supported by the actions of a smart money address, labeled "0xa14." According to market data, this address, which holds 512 billion PEPE, refrained from dumping their assets during a bearish wave in the crypto market.
As highlighted in previous报道, the decision by this investor to hold despite the bearish market conditions has instilled optimism among traders regarding PEPE's prospects.
Moreover, data from Whale Alert showed accumulation by another large investor, with an address beginning with "0x88a14933..." receiving 9 trillion PEPE, valued at $83.25 million, from Bybit.
Finally, Coinglass statistics reveal a 4.14% increase in PEPE's futures Open Interest (OI) and a 40.67% uptick in derivatives volume. These positive metrics, combined with the rising price, suggest a potential uptrend for PEPE.
As noted in a recent analysis, PEPE remains a favorite among memecoin enthusiasts, offering a unique blend of entertainment and the possibility of financial returns.
At the time of writing, PEPE had risen by 12% in the past 24 hours, priced at $0.000009103. Its trading volume and market cap stood at $676 million and $3.8 billion, respectively.
A recent analysis highlighted PEPE's ability to trade above the 200-day Simple Moving Average (SMA), adding to its bullish technical picture.
Technical indicators also pointed towards bullish sentiment for PEPE. Data from Santiment showed a 5.76% increase in PEPE holders over the past month, indicating investors' interest in buying the memecoin at lower prices in anticipation of future price increases.
In a previous article, pseudonymous trader Bluntz Capital expressed optimism for PEPE, anticipating significant gains following a recent ABC correction move.
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