- $82 million worth of PEPE tokens were transferred to wallets on popular exchanges.
- #27 PEPE has recovered slightly from the double bottom structure formed last week.
- Despite the 26% month-over-month decline, around 70% of PEPE token holders are still holding profits.
PEPE is once again the talk of the crypto town, as a major transaction tracking agency has discovered a massive transfer of 9T coins. This huge transfer took place on July 10, 2024 at 7:00 AM to one of Bybit’s hot wallets, and at the time of the transaction, it amounted to a whopping $82 million.
Meanwhile, the meme coin in question was trading at around $0.00000910, and reached a daily high of $0.00000942 just three hours after the massive transfer was executed. The Ethereum (ETH) transaction was initially understood to be a major PEPE holder withdrawing from Bybit, but the incident appears to be something entirely different.
Through further investigation DailycoinThis massive $82,170,000 transfer was confirmed to have been made by a Bybit employee. Since hot wallet transfers typically indicate a change in 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 Tokens
As PEPE appears to have completed its one-month downward spiral, crypto analysts are weighing the potential for further upside for PEPE. For example, veteran crypto analyst Mags argued that there are two possibilities left for PEPE as it breaks through the major support level of $0.000001086.
If PEPE stays above the $0.000001086 level at the daily close, a northward trajectory is more likely to occur, as 70% of holders are profiting at this price. However, according to Mags, if PEPE does not have the strength to break above the trend line, another downtrend is likely to occur.
On the other side
- According to live data from IntoTheBlock, PEPE is still showing weakness on key on-chain signals despite a minor rebound rally.
- At the time of publication of this article, pure network growth, concentration, large transactions and holders generating profits in this range were all highlighted in red.
Why this matters
Since centralized exchanges hold digital assets on behalf of their customers, transfers of this scale often mean increased demand for the tokens in question.
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