The crazy world of cryptocurrency continues to surprise, and this time Pepe the Frog is leading the way. In a move that shattered market expectations, meme coin Pepe (PEPE) surged a staggering 12% today, July 9, despite a massive drop by a major market maker. Here are the details…
Whales took action in that meme coin project
This rollercoaster started when on-chain tracker Mest uncovered a massive PEPE sale by Wintermute. A massive transfer of 702.9 billion PEPE tokens, worth approximately $6.59 million, was made to the Binance exchange. As expected, this triggered a mass sell-off, sending the price of PEPE down by 3.4%. But here’s the twist: Pepe, the internet’s most famous meme, wasn’t about to be afraid. Despite all the difficulties, the frog-themed token began a steady climb and defied the downward trend. This unexpected resilience has fueled speculation about PEPE’s potential to withstand even the most tumultuous market conditions.
Adding fuel to the fire is the behavior of a mysterious “smart money” address, 0xa14. This astute investor, who has an excellent track record with PEPE trading, held an impressive trove of 512 billion PEPE tokens during the recent market surge. Not only did they avoid selling, their HODL (Hold On for Dear Life) decision created optimism in other investors. It is worth noting that the average purchase price for PEPE from this address is just $0.00001399, meaning they have a chance to make significant gains if the price continues to rise.
What is behind the rise of PEPE?
Meanwhile, another whale with address 0x88a14933 made a significant splash by accumulating 9 trillion PEPE tokens from Bybit, worth a staggering $83.25 million. This significant purchase injected major bull pressure into the market and further supported PEPE’s upward trajectory. There were several other factors that contributed to Pepe’s challenge. Unlike other cryptocurrencies that have succumbed to recent market volatility, PEPE has managed to stay above the 200-day simple moving average (SMA), an important technical indicator often used to evaluate a long-term trend.
Additionally, data from Santiment shows a 5.76% increase in PEPE holders in the last month, indicating that investors are taking advantage of the current decline to accumulate more tokens. As of writing, PEPE is trading at $0.000009364, reflecting a 12.45% increase over the last 24 hours. Meme coin’s futures Open Interest (OI) also increased by 4.14%, while there was a huge increase of 40.67% in derivatives volume. This combined data shows a strong market uptrend for PEPE, much to the great satisfaction of bull supporters.
To stay up-to-date with the breaking news, follow us on Twitter, Facebook, and Instagram. Join our Telegram and YouTube channel
