Massive $83M PEPE Coin Transfer from Bybit Spurs 16% Price Surge Amid Community Speculation

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Massive $83M PEPE Coin Transfer from Bybit Spurs 16% Price Surge Amid Community Speculation

A significant cryptocurrency transaction has been noticed by Whale Alert, an application that tracks the large blockchain transactions, of memecoin PEPE worth $83,250,000.The transfer, originating from the Bybit exchange, coincides with a notable PEPE price increase over the last 24 hours. The Bybit trading platform, which took fourth place in terms of cryptocurrency turnover, saw 9,000,000,000,000 (9 billion) PEPE coins transferred, valued at nearly $90 million.

Regarding this enormous transfer, it is worth noting that the PEPE community has been in a stir regarding this over-hyped transfer. Many see it as a bullish sign, interpreting it as an anonymous whale making a purchase. However, some users claimed this was a simple movement between Bybit’s hot and cold wallets.

Also Read: Bitcoin ETFs Attract Strong Inflows Amid Market Volatility

PEPE Price Soars Amid Speculation

PEPE has had an enormous price increase in the last 24 hours, rising approximately 16%. PEPE currently trades at $0.00000929. This price hike comes after a considerable reduction, with PEPE falling by more than 18% between Saturday and Monday. Overall, the cryptocurrency fell 36.44% from Monday to Friday, echoing Bitcoin’s significant loss during the same period. Between July 5 and 8, PEPE developed a Double Bottom pattern on the chart. This pattern shows a possible reversal, implying that PEPE is ready for a major increase or may establish an upward trend.

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Therefore, the transfer of PEPE coins some time back and the following price hike show that the cryptocurrency market is unpredictable. While some people regard such movements as bullish indicators, others regard them as the internal transfers business as usual. Thus, relying on various positive tendencies and indicators indicating resilience and possible future growth in the operation of PEPE, the community’s members remain optimistic. 

Also Read: German Government Continues Bitcoin Sell-Off Despite Legislative Pushback

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.