- The price of PEPE has inked forward despite the massive selloff scare from a top whale.
- PEPE on-chain metrics are positive including user growth which might catalyze price recovery in the long term.
Pepe Coin (PEPE), a frog-themed memecoin has jumped by 12% despite a huge sell-off from a top market maker. PEPE’s recent movement defies market expectations and coincides with recovery in the entire crypto market.
Market Maker Dumps 702.9B PEPE
Insights revealed by the on-chain tracker Mest show market maker Wintermute, transferred 702.9 billion PEPE valued at $6.59 million to Binance. While this dump was expected to trigger price declines for PEPE, the reverse was the case. This rally saw PEPE surge by 12% within 24 hours, echoing investors’ optimistic attitude towards the memecoin.
Notably, a similar PEPE transfer to Binance took place last week. As noted in our earlier post, a crypto address referred to as ‘Binance 28’ to ‘Binance 70’ shuffled 1.2 trillion PEPE. This transaction occurred during heightened volatility in the market.
The recent increase in PEPE’s value can be credited to actions from a smart money address labeled “0xa14.” According to market data, this address holding 512 billion PEPE resisted the temptation of dumping their assets despite a bearish wave in the crypto market.
To understand the influence of this investor, they have a 100% success rate and acquired their PEPE stash at $0.00001399 per token. Meaning, this could have resulted in a huge profit for them if they had sold even when the price was down. As detailed in our last news piece, the investor’s decision to hold has instilled optimism in the market regarding PEPE’s prospects.
Additionally, data by Whale Alert showed accumulation from another large investor with an address, “0x88a14933…” from Bybit. According to the data, the investor scooped 9 trillion PEPE, worth $83.25 million. This added to the positive support for the memecoin.
Moreover, Coinglass statistics reveal a 4.14% uptick in PEPE’s futures Open Interest (OI), and a 40.67% increase in derivatives volume. This positive data, together with the rising price, indicates a potential uptrend for PEPE. According to our recent analysis, PEPE continues to be a favorite among memecoin fanatics who enjoy a combination of entertainment and potential returns.
PEPE Enjoys Crypto Market Rally
At the time of writing, PEPE has grown by 12% in the past 24 hours, with its price set at $0.000009103. PEPE’s trading volume and market cap stood at $676 million and $3.8 billion respectively.
A recent analysis highlights PEPE’s ability to trade above the 200-day Simple Moving Average (SMA), adding a bullish display.
Technical indicators also suggest bullish sentiment for PEPE. Santiment’s data showed a 5.76% increase in PEPE holders over the past month. This points to investors’ interest in buying the memecoin when the price is low in anticipation of future increases.
In a previous article, pseudonymous trader Bluntz Capital believes PEPE is primed for major gains, pointing to a recent ABC correction move.
No spam, no lies, only insights. You can unsubscribe at any time.
Credit: Source link
