PEPE Price Surges 12% Amidst Major Market Maker Dump

Despite a massive selloff by a top whale, PEPE has seen a 12% price surge, supported by positive on-chain metrics and user growth.

Points

• Market maker Wintermute dumped 702.9 billion PEPE.
• PEPE’s value surged by 12% despite the expected price decline.
• Key investor actions supported the positive price movement.
• Technical indicators suggest bullish sentiment for PEPE.

The price of PEPE has surged by 12% within the past 24 hours, despite a significant selloff by market maker Wintermute, which transferred 702.9 billion PEPE worth $6.59 million to Binance. Contrary to expectations of a price decline, the token’s value increased, reflecting investor optimism.

This rally can be attributed to the actions of key investors, including a smart money address labeled “0xa14,” which resisted the bearish market trend. Another large investor, “0x88a14933…” from Bybit, accumulated 9 trillion PEPE worth $83.25 million, adding to the positive support for the memecoin.

PEPE’s trading volume and market cap have grown, with its price now set at $0.000009103. Technical indicators such as the 200-day Simple Moving Average （SMA） and data from Santiment show a bullish sentiment, with a 5.76% increase in PEPE holders over the past month.

Explanation

• Market Maker: An entity that provides liquidity to markets by buying and selling assets.
• Simple Moving Average （SMA）: A calculation that takes the average of a range of prices, typically closing prices, over a specific period.
• Smart Money: Capital invested by institutional investors or other market players with a deep understanding of the market.

The recent developments and positive investor actions indicate a strong bullish sentiment for PEPE, highlighting its potential for future growth.