PEPE Token Price Surges Amid 702B Offloaded by Wintermute
The Pepe coin, a meme cryptocurrency, has shown remarkable resilience in the face of a massive sell-off by a market maker. Despite 703 billion PEPE being offloaded onto the Binance crypto exchange, the coin surged by approximately 12%, aligning with the broader market recovery on July 9.
Wintermute, a market maker, moved 702.9 billion PEPE, valued at $6.59 million, to Binance, causing initial concern among investors as PEPE’s value declined by 3.4%. However, the coin gradually rallied, defying the significant sell-off and stimulating positive market sentiment regarding its potential for investment gains.
Furthermore, on-chain data revealed that a high-profile address known for successful PEPE trading refrained from selling its 512 billion coins despite the bearish market trend, contributing to a more optimistic outlook for the coin’s future performance.
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In another significant development, Whale Alert reported the accumulation of 9 trillion PEPE, worth $83.25 million, by another address on Bybit, indicating substantial buying pressure and further bolstering bullish support for the coin.
As of the latest data, PEPE’s price has experienced a notable 12.45% increase over the past day, reaching a trading value of $X. Coupled with the rise in price, an increase in the coin’s futures open interest and derivatives volume suggests a bullish trend for Pepe coin.
Despite recent market volatility driven by Bitcoin, PEPE has managed to maintain its position above the 200-day simple moving average (SMA), signaling a bullish trend. Moreover, the increase in Pepe coin holders, as indicated by Santiment’s data, further supports the positive market sentiment.
In summary, the data points toward a bullish outlook for the Pepe coin, underscoring its impressive surge in value.
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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
