Epic 9 Trillion PEPE Leave Top Exchange – What's Happening?

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.

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.