- A whale’s transfer of 2 trillion PEPE tokens from Bybit sparked a 4% price surge, signaling strong accumulation by major holders.
- This move suggests growing investor confidence and a potential rebound for the meme coin.
A massive transfer of 2 trillion PEPE tokens from the Bybit exchange to an unknown wallet has caught the crypto market’s eye, triggering a fresh surge in the popular meme coin’s price. Valued at roughly $27.8 million at the time, this whale move was flagged by blockchain tracker Whale Alert and marks a significant moment for PEPE holders.
Following the transfer, PEPE’s price jumped over 4%, reaching $0.00001413 per coin after a recent period of volatility. The meme token had seen a sharp 19% drop from $0.00001606 between May 21 and May 23, making this rebound notable.
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Whale activity has intensified over the past 24 hours, with approximately 11.75 trillion PEPE tokens moving across various wallets. The large withdrawal from Bybit fuels speculation that major holders are accumulating, signaling renewed confidence in PEPE’s potential recovery.
On-chain data reveals that some traders are taking leveraged positions on PEPE. Notably, a trader known as James Wynn used 10x leverage to go long on PEPE, at one point sitting on unrealized profits of $130,000. However, Wynn partially closed his positions the following day, absorbing a $4.4 million loss to reduce liquidation risk. This suggests that while confidence is returning, some caution remains amid ongoing market swings.
PEPE’s price moves continue to correlate with broader market trends, especially Bitcoin’s performance. The whale withdrawal from Bybit is often interpreted as a long-term hold signal rather than a sell-off, which supports the idea that these large holders expect PEPE to regain upward momentum.
As the market closely watches these whale moves and price action, the 2 trillion token transfer marks a pivotal point for PEPE’s short-term outlook. With whales accumulating and volatility easing, this meme coin could be gearing up for another rally—one that may attract even more investor attention in the coming days.