Whale Moves 9 Trillion PEPE Tokens to Bybit as PEPE Surges 9%

Whale Alert reports a transfer of $9 trillion PEPE, worth $82 million, from an unknown wallet to Bybit, coinciding with a 9.7% price increase for PEPE this week.

On July 10, 2024, Whale alert reported a major transfer involving the Pepe (PEPE) meme coin. At 04:06:35 UTC, a transfer of 9 trillion PEPE tokens worth approximately $82,170,000 from an unknown wallet to the Bybit crypto exchange took place.

This whale activity occurs as PEPE is trading at $0.000009287 today, with a 24-hour trading volume of $1,040,323,325.

Details of the addresses involved

The sender address, identified as 0x88a14933…23e323ade3, shows high activity with frequent transactions. Currently, the address has an ETH balance of 100.22 ETH, valued at $311,399. The address also holds tokens worth $275,325,480 in 29 different tokens.

This address has recently made several high-value ETH transfers to By Bybit hot wallet, including transfers of 2,900 ETH, 8,000 ETH, 10,000 ETH, and multiple transactions of 9,000 ETH.

The sender is actively moving various tokens, such as Fetch.ai (FET), Pepe (PEPE), and Ondo Finance (ONDO), indicating diversified trading activity. The high frequency of transactions suggests active management and possible liquidity management strategies.

The recipient address, associated with Bybit’s hot wallet, contains a substantial ETH balance of 57,172.30 ETH, valued at $177,599,712.70. This wallet also contains over 201 different tokens valued at over $429,964,262.83.

The recent transaction has sparked speculation of a sell-off, but data suggests it could also involve an internal move by Bybit. Notably, the move comes as PEPE’s price has stabilized at $0.00000917. The frog-themed meme coin has surged 9.7% since Monday this week, riding the market’s mild recovery momentum.

Pepe’s Ownership Distribution and Market Trends

It is essential to note that data from IntoTheBlock reveals a significant concentration of PEPE holdings among whales on the Ethereum blockchain. Whales hold substantial portions, with the largest holder having 22.37% of the total supply.

In contrast, investors have more distributed holdings, with the largest investor holding less than 1%. Historical data shows that spikes in large trading volumes often correlate with price increases.

PEPE Ownership Distribution | IntoTheBlock

For example, significant price increases followed spikes in trading volumes in May 2023 and March 2024. High trading volumes typically indicate significant buying or selling activity by large holders or institutional investors.

In a related event, Lookonchain reported a mysterious whale that booked a profit of nearly $650,000 in PEPE as the price skyrocketed. This whale deposited 3.94 trillion PEPE, worth $7 million, into a wallet associated with Binance. The whale acquired 1.93 trillion PEPE on June 27 and 2 trillion PEPE on July 5, for a total of 3.94 trillion PEPE.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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