Pepe Coin Soars Despite 702B Dump By Wintermute, Here’s Why

Pepe Coin Defies Dump, Surges Amidst Broader Market Recovery

The popular meme cryptocurrency, Pepe Coin, has exhibited resilience amidst a significant market sell-off.

Colossal Dump by Market Maker

On July 9, a market maker, Wintermute, transferred 702.9 billion PEPE, valued at $6.59 million, to Binance. This triggered concerns about a potential bearish trend.

Rally Despite Dump

Surprisingly, Pepe Coin rallied by approximately 12% following the dump. This coincides with the broader crypto market recovery observed today.

Smart Money Address

An analysis by the on-chain tracker Mest revealed that a smart money address, 0xa14, refrained from selling PEPE despite the recent market downturn. This individual holds 512 billion coins, with an average acquisition cost of $0.00001399.

Optimistic Sentiment

The smart trader's HODLing strategy has instilled optimism in the market regarding Pepe Coin's future potential.

Whale Accumulation

Whale Alert reported that 0x88a14933 accumulated a substantial 9 trillion PEPE, worth $83.25 million, from Bybit. This large purchase provides significant buying pressure, further supporting the bullish sentiment.