- The volatile world of cryptocurrency continues to astonish, with Pepe the Frog taking the spotlight.
- In a surprising move, meme coin Pepe (PEPE) surged by 12% on July 9, despite a significant drop initiated by a major market maker.
- Blockchain tracker Mest revealed that Wintermute executed a substantial PEPE sale, leading to intriguing market dynamics.
Discover how PEPE defied market expectations and captivated investors with its remarkable performance.
PEPE’s Impressive Performance Post Major Sell-off
The cryptocurrency arena witnessed an unexpected twist when meme coin Pepe (PEPE) demonstrated resilience despite a substantial market sell-off. On July 9, Wintermute, a major market maker, transferred 702.9 billion PEPE tokens to Binance, valued at approximately $6.59 million, causing a 3.4% price drop. However, PEPE rebounded with a surprising 12% increase, showcasing its potential to withstand market volatility.
Smart Money’s Strategic Hold
A particularly notable aspect of PEPE’s recovery was the role played by an enigmatic investor, identified as the 0xa14 address. Known for its savvy trading history with PEPE, this address retained its substantial holding of 512 billion PEPE tokens amidst the market downturn. This decision not only avoided triggering further sell-offs but also instilled confidence among other investors. Interestingly, this address’s average purchase price for PEPE is a mere $0.00001399, indicating potential for significant gains as the price continues to rise.
Whale Actions and Market Impact
Adding fuel to the bullish sentiment, another whale operating from the address 0x88a14933 made a noteworthy move by accumulating 9 trillion PEPE tokens from Bybit, worth a staggering $83.25 million. This considerable acquisition injected a strong bullish impetus into the market, further supporting PEPE’s upward trajectory.
Technical Indicators and Investor Activity
Pepe’s resilience can also be attributed to its performance against key technical indicators. Unlike other cryptocurrencies, PEPE has managed to stay above its 200-day simple moving average (SMA), a critical metric often used to gauge long-term trends. Additionally, data from Santiment revealed a 5.76% increase in PEPE holders over the past month, suggesting that investors are capitalizing on the recent price dip to accumulate more tokens.
Conclusion
In summary, PEPE’s journey has highlighted its potential to defy market expectations, driven by strategic actions from key investors and robust technical performance. As of the latest data, PEPE traded at $0.000009364, reflecting a 12.45% increase in the last 24 hours. The combined increase in futures Open Interest (OI) by 4.14% and a substantial 40.67% rise in derivative volume point towards a strong bullish trend, much to the delight of PEPE enthusiasts. Investors and market watchers will be keen to see how PEPE navigates future market conditions, with the potential for significant upside remaining a point of speculation.
