Pepe Coin Soars Despite 702B Dump By Wintermute, Here’s Why

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As a researcher with a background in cryptocurrency analysis, I find the recent events surrounding Pepe coin intriguing. Despite the massive 702.9 billion PEPE dump by Wintermute to Binance, causing bearish concerns for investors, the meme token managed to rally approximately 12% today. This is a testament to the resilience of the Pepe community and the potential that this coin holds for gains.

The popular meme cryptocurrency based on frogs, Pepe coin, bucked market trends yet again. On July 9, a significant amount of over 703 billion PEPE tokens were sold on Binance exchange by a large market player. This massive sale raised concerns of a bearish outlook among crypto investors.

Despite the substantial sell-off, Pepe coin experienced a rally of around 12%. This occurred concurrently with the wider market recovery taking place today. Here’s a summary of the significant price drop and the latest market data for Pepe coin.

Wintermute Dumps 702.9 Bln Coins To Binance

Based on the data provided by on-chain monitor Mest, it was observed that Wintermute transferred a total of 702.9 billion PEPE tokens, equivalent to approximately $6.59 million, to Binance. This transaction took place when PEPE experienced a 3.4% decrease in value, causing unease among investors.

Despite the major sell-off at the exchange, the frog-themed meme token, PEPE, persisted in gaining popularity. This trend reflects the excitement and anticipation among investors regarding PEPE’s potential for profitable returns.

Smart money address 0xa14 has bucked the trend in the crypto market by not selling off their PEPE tokens during the recent bearish phase, according to on-chain data. Remarkably, this astute trader, who boasts a perfect track record in PEPE trading, holds an impressive stash of 512 billion coins.

As a researcher, I’d like to point out that the cost of accumulating PEPE tokens on average comes up to $0.00001399. The shrewd trader’s choice to hold onto their Pepe coins instead of selling has sparked renewed enthusiasm among market participants regarding the token’s potential future growth.

Additionally, according to data from Whale Alert, an astonishing 9 trillion PEPE tokens, equivalent to around $83.25 million, have been amassed by the address 0x88a14933 on Bybit today. This substantial accumulation signifies strong buying interest for PEPE, bolstering its bullish outlook.

As a researcher studying the cryptocurrency market, I’ve observed PEPE‘s impressive surge amidst a favorable landscape. Despite the volatile nature of the crypto sphere recently, PEPE has managed to thrive, benefiting from a number of bullish factors that have shielded it from the brunt of market fluctuations.

PEPE Price Pumps

As an analyst, I’ve observed that PEPE‘s price has surged by 12.45% since the last update, currently priced at $0.000009364. The coin’s lowest and highest points within the past 24 hours were $0.000008238 and $0.000009555, respectively.

At Coinglass, the data reveals a noteworthy 4.14% jump in PEPE‘s futures open interest. Simultaneously, derivatives volume experienced a significant surge of approximately 40.67%. With the concurrent price rise, this data serves as an indicator of a bullish trend for Pepe coin at present.

In the meantime, CoinGape Media’s latest price analysis noted that Bitcoin has been causing market fluctuations lately, but PEPE has defied this trend by staying above its 200-day moving average. This development brings a positive outlook. Additionally, according to Santiment’s data, there has been a notable surge of 5.76% in PEPE coin holders within the last month. This increase suggests that investors are taking advantage of price dips to buy more coins.

Together, this data supports a bullish outlook for the meme coin with a frog theme, indicating its significant gain today is justified.

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2024-07-09 11:28