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.

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.

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.

Discover DailyCoin’s trending crypto news:
Bitcoin Bulls Fight Back as $654M Rush into Bitcoin ETFs
Analysts Weigh In on Solana ETF Prospects Amid Fresh Filings