Pepe Coin Rises Despite Wintermute’s $702B Sell-Off—Here’s Why

Pepe Coin Defies Market Trends Amid Massive Sell-Off

Despite a significant sell-off by Wintermute on July 9th, Pepe Coin has exhibited surprising resilience, surging by 12% today.

Wintermute's Massive Sell-Off

On-chain tracker Mest reported that Wintermute transferred 702.9 billion PEPE tokens (valued at $6.59 million) to Binance. This led to a 3.4% decline in PEPE's price, sparking concerns about a market downturn.

Pepe Coin's Market Performance

Despite the sell-off, Pepe Coin has gradually recovered, indicating growing market interest. Smart money address 0xa14, known for its successful trading, has maintained its 512 billion PEPE tokens, suggesting optimism about the coin's prospects.

Whale Alert also reported that address 0x88a14933 accumulated a massive 9 trillion PEPE tokens (worth $83.25 million) from Bybit today, further supporting the bullish outlook.

Bullish Indicators

Amidst market volatility, PEPE has risen due to several positive factors:

• 12.45% increase in price over the past day
• Fluctuation between $0.000008238 and $0.000009555 in the last 24 hours
• 4.14% increase in futures open interest
• 40.67% rise in derivatives volume

Technical Analysis

Technical indicators suggest a bullish trend for Pepe Coin:

• PEPE has remained above the 200-day simple moving average (SMA)
• Santiment reports a 5.76% increase in the number of holders

Conclusion

Pepe Coin's recent performance, combined with these technical indicators, points to a positive market outlook. While the crypto market remains volatile, Pepe Coin has shown resilience and potential for future gains.

Disclaimer: This article provides information only and should not be construed as investment or financial advice.