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Crypto exchange Bybit witnessed the movement of 4 trillion PEPE across different wallet addresses today, sparking curiosity within the Pepe community.
A whale transaction raised curiosity among Pepe and crypto investors on Tuesday. According to blockchain tracking resource Whale Alert, a wallet withdrew 4 trillion PEPE from crypto exchange Bybit.
The hefty transaction, which happened by noon on September 10 (UTC), saw the whale transfer PEPE worth roughly $30 million from a Bybit wallet.
The towering Pepecoin transfer coincided with a market rebound from the third largest memecoin today. PEPE is up almost 6% in the last 24 hours with a market volume of over $1 billion. Despite the 24-hour gains, the asset is still down over 1% in the past seven days and 11.2% from this time last month.
Address Holds 3% of Pepe Supply
Further on-chain research showed that the receiving whale address, “0x88a… Ade3,” currently holds 13 trillion PEPE after the withdrawal on Tuesday. Etherscan showed that the address held about 3.1% of the memecoin’s supply.
Although Whale Alert reported the new address as an unknown wallet, data from Arkham reveals that the wallet was Bybit’s cold wallet. This meant that the transfer was a mere PEPE relocation from Bybit’s hot wallet to its cold wallet.
Transfers of this nature are common among exchanges for business and security reasons, with some of them being an effort to prevent total asset loss in the event of an attack on their platform or their hot wallet.
Pepe on Path to Recovery?
Notably, PEPE saw a blistering start to the year after its market debut late in 2023. The memecoin’s increased traction and growing community pushed it to the notice of tier-1 exchanges like Binance, OKX, and Bybit.
Upon being listed on Binance on May 5, PEPE surged significantly, reaching an all-time high of $0.00001718 a few days later. This push saw early users net massive gains from the asset. Since then, the asset has been on a downtrend, diving over 56% from its ATH.
However, analysts have flipped bullish on the memecoin following a market resurgence. According to seasoned analyst Captain Faibik, PEPE could be up for a 300% rally in the year’s fourth quarter.
$PEPE Still Consolidating inside the Bullish Symmetrical Triangle & Still I'm Bullish on it..!!|
Looks Primed for another +300% Bullish Rally in Q4..🔥🚀#Crypto #PEPE #PEPEUSDT pic.twitter.com/H6A3Qy8JB2
— Captain Faibik 🐺 (@CryptoFaibik) September 10, 2024
The enthusiast based his prediction on a possible Pepe breakout from a bullish symmetrical target, with a price target of $0.0000235 before the end of the year. At the time of writing, PEPE traded at $0.000007457, with a market cap of $3.14 billion.