Pepe the Frog Coin (PEPE) Surges 12% Today, Defying Market Expectations

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.

Pepe the Frog, the iconic internet meme, is making waves in the cryptocurrency world with the surprising resilience of his namesake meme coin, PEPE.

Despite a massive sell-off by a major market maker, which usually leads to a steep price drop, PEPE token price has remained strong, defying expectations and surging 12% today.

Here's a closer look at what's happening with the PEPE coin and what might be driving its price up.

Whales took action in that meme coin project

According to data uncovered by on-chain tracker Mest, Wintermute sold a large amount of PEPE tokens. A massive transfer of 702.9 billion PEPE tokens, valued at around $6.59 million, was made to the Binance exchange. This move, as expected, triggered a mass sell-off, causing PEPE's price to drop by 3.4%.

But here's the twist: Pepe, the internet's most famous meme, wasn't about to be afraid. The frog-themed token began a steady climb despite the hardships, defying the downward trend. This unexpected resilience has led to speculation about PEPE's ability to withstand even the harshest market conditions.

Adding to the intrigue is the activity of a mysterious "smart money" address, 0xa14. This investor, who has shown great skill in PEPE trading, held an impressive hoard of 512 billion PEPE tokens during the recent market surge. Not only did they refrain from selling, but their HODL (Hold On for Dear Life) decision instilled optimism in other investors. It's interesting to note that this address purchased PEPE at an average price of just $0.00001399, giving them a chance at substantial gains if the price continues to rise.

What is behind the rise of PEPE?

Meanwhile, another whale with the address 0x88a14933 made a significant contribution by accumulating 9 trillion PEPE tokens from Bybit, amounting to $83.25 million. This large purchase added major bull pressure to the market, further supporting PEPE's upward trajectory.

There were several other factors that contributed to Pepe's challenge. Unlike other cryptocurrencies that have been battered by the recent market volatility, PEPE has managed to stay above the 200-day simple moving average (SMA), a key technical indicator often used to assess a long-term trend.

Moreover, data from Santiment shows a 5.76% increase in PEPE holders over the last month, suggesting that investors are using the current dip to accumulate more tokens. At the time of writing, PEPE is trading at $0.000009364, up 12.45% in the last 24 hours. The meme coin's futures Open Interest (OI) also increased by 4.14%, while there was a massive 40.67% increase in derivatives volume. This combined data indicates a strong market uptrend for PEPE, much to the delight of bull supporters.

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