9T PEPE Coin Move on Bybit Sparks Debate: Is the Bottom In?

PEPE’s mini rebound rally after the mind-boggling 9T PEPE shuffle raises one question: is the bottom really in?

Pepe Is moving away, holding a Bybit bindle.
Created by Kornelija Poderskytė from DailyCoin
  • 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.

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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.

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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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.