PEPE Price Surges 12% Amidst Major Market Maker Dump

Pepe Coin Surges Amid Positive On-Chain Metrics

Pepe Coin (PEPE), a popular memecoin, has witnessed a remarkable 12% surge despite a massive sell-off from a major whale. This defiance of market expectations coincides with a broader recovery in the cryptocurrency market.

Market Maker's Dump Fails to Impact Price

On-chain data from Mest reveals that market maker Wintermute transferred 702.9 billion PEPE ($6.59 million) to Binance. Contrary to expectations, this dump did not trigger a price decline but instead led to a 12% increase within 24 hours, showcasing investor confidence in PEPE.

Smart Money Supports PEPE

A notable influence on PEPE's price is a large investor holding 512 billion coins. This address resisted selling their assets during the market downturn, signaling optimism about the memecoin's future.

Major Whale Accumulation

Whale Alert data indicates accumulation by another large investor, "0x88a14933...", who acquired 9 trillion PEPE ($83.25 million) from Bybit, further supporting the memecoin's positive sentiment.

Rising Futures and Derivatives Volume

Coinglass statistics show 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.

Technical Indicators Support Bullish Sentiment

Technical indicators also indicate bullishness for PEPE. PEPE's price remains above the 200-day Simple Moving Average (SMA), providing a positive signal. Santiment's data shows a 5.76% increase in holders over the past month, indicating investor interest in acquiring the memecoin at low prices.

Analysts' Outlook

Pseudonymous trader Bluntz Capital believes PEPE is poised for major gains based on a recent ABC correction move.