The renowned frog-themed meme cryptocurrency, Pepe coin, has once again defied usual market sentiments, surging despite a colossal dump by a market maker. Nearly 703 billion PEPE was recorded to be offloaded to the Binance crypto exchange today, July 9. This dump has sparked bearish concerns across the crypto market.

However, Pepe coin rallied approximately 12% despite the massive dump, coinciding with the broader recovery today. Here’s a brief report on the enormous dump and PEPE’s current market statistics.

Wintermute Dumps 702.9 Bln Coins To Binance

According to the insights revealed by the on-chain tracker Mest, Wintermute moved 702.9 billion PEPE, worth $6.59 million, to Binance. At the corresponding time, PEPE was down 3.4%, igniting investor concerns.

However, the frog-themed meme token gradually surged despite the significant dump to the exchange. This has echoed a market buzz surrounding PEPE’s continued potential to offer investors gains.

Also, on-chain data surfacing in the market revealed that a smart money address 0xa14 has conversely refrained from dumping PEPE funds despite a recent bearish wave in the crypto market. Notably, the abovementioned smart trader, with a 100% success rate in PEPE trading, holds 512 billion coins.

It’s worth mentioning that the average cost of the abovementioned PEPE accumulation is $0.00001399. The smart trader’s decision to not sell and instead HODL Pepe coin has further ignited optimistic market sentiments for the token’s future run.

Moreover, data by Whale Alert showed a whopping 9 trillion PEPE, worth $83.25 million, accumulated by the address 0x88a14933 from Bybit today. This accumulation presents PEPE with significant buying pressure, adding bullish support.

Simultaneously, PEPE has soared against the backdrop of a stockpile of additional bullish factors that minimized the meme coin from taking the heat of recent volatility in the crypto realm.

Also Read: Crypto Prices Today July 9: BTC Bounces Near $57K Propelling Crypto Market Rally

PEPE Price Pumps

At press time, PEPE’s price experienced an uptick of 12.45% over the past day and is currently trading at $0.000009364. The meme coin’s 24-hour bottoms and peaks were $0.000008238 and $0.000009555, respectively.

Data by Coinglass shows a 4.14% increase in PEPE’s futures OI, further accompanied by a 40.67% upsurge in the derivatives volume. Coupled with the rise in price, this data flagged a market uptrend for Pepe coin at press time.

In the interim, a recent price analysis by CoinGape Media pointed out that despite BTC driving a volatile market in recent days, PEPE has managed to trade above the 200-day simple moving average (SMA), adding a bullish splash. Moreover, Santiment’s data showed a significant 5.76% increase in Pepe coin holders over the past month, signaling investors are buying the dip.

Collectively, this data weighs the scale toward the bullish side for the frog-themed meme coin, validating its remarkable surge today.

Also Read: DigitalX Gears to List Spot Bitcoin ETF on Australia’s ASX Exchange As Demand Soars

The post Pepe Coin Soars Despite 702B Dump By Wintermute, Here’s Why appeared first on CoinGape.

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Filed under: News - @ July 9, 2024 8:16 am