Newton Gitonga
Frog-themed digital coin PepeCoin (PEPE) stole the show again as it went against the typical market trends.
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The meme coin demonstrates impressive price performance despite massive sell-offs by Wintermute.
The latest stats show the market maker deposited and sold more than 622 billion PEPE, worth around $5.85 million, on Binance today.
While the enormous dump catalyzed worries about the altcoin’s future, PepeCoin gained over 10% after the development.
Wintermute deposits billion in PEPE to Binance
According to The Data Nerd, Wintermute transferred PepeCoin worth $5.85 million (622.2 billion assets) to exchange Binance.
That triggered worries in the meme token community as it displayed faded trust about possible recoveries.
PEPE lost 5% of its value right after the transaction. Nonetheless, the meme crypto weathered the storm and recorded gradual recoveries.
That demonstrates PEPE’s capability to yield returns to its investors. Brief surges in the broad crypto market catalyzed the token’s upswings.
The total crypto market cap saw a slight 0.30% 24-hour increase to $2.12 trillion, while Bitcoin remained somewhat muted at $57,530 in the past day.
Moreover, the altcoin exhibits bullish fundamentals. The latest data shows PEPE has seen an influx of holders in the previous month.
PepeCoin investors increased by 5.76% to new all-time highs over the past month, indicating trust from market participants.
PepeCoin’s current price action
The meme crypto changed hands at $0.000009354 during this publication, following a 10.89% 24-hour surge.
The daily timeframe showcases an impressive jump from the low of $0.000008603 to $0.000009549 before a slight retracement.
Meanwhile, the latest bullish move saw PEPE firmly bouncing back from monthly lows after failure to keep the $0.00000925 support.
That triggered notable buying pressure and placed levels above $0.00001 as the new price target.
Nonetheless, magnified activity by bulls remains essential for stable uptrends.
Thus, PEPE might stay inside an accumulated region for a while before an immense price action.
The alt has hovered in a climbing parallel channel over the past few months. Unluckily, the latest decline plunged PEPE beneath the barrier.
Nevertheless, PepeCoin avoided extended dips and kick-started a bounce-back. The Relative Strength Index flipped after hitting the lower region.
Further, the Moving Average Convergence Divergence is on the verge of a bullish cross, indicating amplified buying momentum on the horizon.
Until stars align, which means support from broad market sentiments, PEPE may exhibit a consolidation mode while waiting for remarkable surges past $0.000012.
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