PEPE Price Surges 12% Amidst Major Market Maker Dump
Release: 2024/07/11 01:49 Reading: 951
Pepe Coin Surges Despite Massive Sell-Off
Pepe Coin (PEPE) has defied expectations by rising 12% despite a significant sell-off by a top market maker. This positive movement aligns with the overall crypto market recovery.
Market Maker's Sell-Off
Market maker Wintermute transferred 702.9 billion PEPE to Binance, valued at $6.59 million. However, this dump failed to trigger a price decline as PEPE rallied by 12% within 24 hours, indicating investors' confidence in the memecoin.
Smart Money Accumulation
A smart money address labeled "0xa14" resisted selling their 512 billion PEPE despite market volatility, suggesting their belief in PEPE's potential.
Whales Accumulating
Data shows that a large investor with the address "0x88a14933..." purchased 9 trillion PEPE worth $83.25 million, adding to the positive sentiment around the memecoin.
Positive On-Chain Metrics
Coinglass statistics indicate a 4.14% increase in PEPE's futures Open Interest (OI) and a 40.67% increase in derivatives volume. This data, combined with the rising price, suggests a potential uptrend for PEPE.
Crypto Market Rally
PEPE is currently trading at $0.000009103, up 12% in the past 24 hours. Its trading volume stands at $676 million, while its market cap is $3.8 billion.
Technical Indicators
PEPE is trading above its 200-day Simple Moving Average (SMA), indicating bullish momentum. Technical indicators also point to positive sentiment, with Santiment reporting a 5.76% increase in PEPE holders over the past month.
Analyst's Outlook
Trader Bluntz Capital believes PEPE is poised for significant gains, citing a recent ABC correction pattern.
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