9T PEPE Coin Move on Bybit Sparks Debate: Is the Bottom In?
- 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.
🚨 🚨 🚨 🚨 9,000,000,000,000 #PEPE (82,170,000 USD) transferred from unknown wallet to #Bybit https://t.co/vpbrzjmnX6
— Whale Alert (@whale_alert) July 10, 2024
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.
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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.
$PEPE
— Mags (@thescalpingpro) July 9, 2024
Pepe broke down below support 1086. The price must reclaim this level for further upside continuation. If the price fails to do so, we are going lower. pic.twitter.com/CCC2weYnhn
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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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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