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Popular blockchain tracker Whale Alert, which monitors large crypto transfers, has detected a mind-blowing cryptocurrency transaction that moved $83,250,000 worth of meme coin PEPE. The meme coins were transferred from the Bybit exchange – the fourth largest cryptocurrency trading platform by volume.
This huge transaction has coincided with an impressive PEPE price increase that has taken place in the last 24 hours.
Trillions of PEPE leave Bybit, while PEPE price soars
The aforementioned cryptocurrency tracker shared that Bybit saw 9,000,000,000,000 PEPE almost two hours ago, worth almost $90 million.
🚨 🚨 🚨 🚨 9,000,000,000,000 #PEPE (83,250,000 USD) transferred from #Bybit to unknown wallethttps://t.co/owiqZqhmQv
— Whale Alert (@whale_alert) July 9, 2024
The community went abuzz about this tremendous of PEPE changing hands unexpectedly. The PEPE community took this to be a bullish sign, as if an anonymous whale was making a purchase. However, some users suggested that this was just a transfer between two Bybit blockchain wallets – from a hot wallet to a cold storage one.
In the meantime, in the last 24 hours, PEPE has seen a major price surge, going up by almost 16%. At the time of this writing, popular meme coin PEPE is changing hands at $0.00000929.
PEPE forms Double Bottom
Prior to that, PEPE plummeted by more than 18% between Saturday and Monday. Overall, from Monday to Friday, this prominent cryptocurrency asset went down by 36.44% as the PEPE price followed the massive Bitcoin decline, which happened during exactly the same period of time last week.
Between July 5 and 8, PEPE demonstrated a reversal Double Bottom pattern on the chart. If this pattern validates, PEPE might be in for a major rise or even enter an upward trend.
As reported by U.Today, on July 2, an anonymous whale transferred 1,286,733,285,955 PEPE from the Binance exchange. That amount of meme coins was valued at approximately $14,745,963. However, that mammoth transfer proved to be an internal Binance transaction.