- Over $82 million in PEPE Token gets shuffled between a popular exchange’s wallets.
- #27 ranked PEPE slightly rebounds from a double-bottom structure formed last week.
- Despite the 26% monthly downturn, nearly 70% of PEPE Token holders remain at profit.
PEPE is again becoming the talk of the crypto town, as a large transfer tracking agency spotted a gargantuan transfer of 9T coins. The mind-boggling transfer was made to one of Bybit’s hot wallets at 7 AM on July 10, 2024, and was worth a whopping $82 million at stamped transaction time.
Meanwhile, the meme coin in question was trading at approximately $0.00000910, reaching the daily height of $0.00000942 three hours after the massive transfer was executed. While the Ethereum (ETH) transaction was first understood as a major PEPE holder’s withdrawal from Bybit, the case appears to be totally different.
Upon further investigation by DailyCoin, it was established that this transfer, a hefty $82,170,000, was likely made by Bybit’s staff. As hot wallet transfers usually depict the shifting demand for a particular cryptocurrency, most traders on X perceived this transaction as a sign of renewed interest in PEPE.
Two Upcoming Scenarios For PEPE Token
As PEPE seems to have completed a month-long downward spiral movement, crypto analysts are measuring its chances of further upside continuation. For example, experienced crypto analyst Mags insisted that PEPE’s breakthrough past the $0.000001086 key support level leaves PEPE with two possibilities.
If PEPE hovers above the $0.000001086 level on the daily close, a northbound trajectory is more likely to occur because 70% of holders profit at this price. However, according to Mags, if PEPE lacked the strength to shoot up above the trendline, another downward slope is likely to occur.
On the Flipside
- According to real-time data from IntoTheBlock, PEPE remains bearish in key on-chain signals despite a micro rebound rally.
- Net network growth, concentration, large transactions and holders making a profit at this range were all flashing red at the time of publication.
Why This Matters
As centralized exchanges keep digital assets on behalf of their customers, a transfer of such magnitude often implies rising demand for the token in question.
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