Cryptocurrency Whale Moves 9 Trillion $PEPE Tokens to Bybit as Memecoin Market Drops 19%

A massive cryptocurrency whale has recently moved 9 trillion tokens of the meme-inspired cryptocurrency $PEPE onto popular cryptocurrency exchange Bybit in a transaction that shook the memecoin's community.

A cryptocurrency whale has moved 9 trillion tokens of the meme-inspired cryptocurrency PEPE onto popular cryptocurrency exchange Bybit in a transaction that’s sure to get the memecoin’s community talking.

Whale monitoring service Whale Alert picked up on the gargantuan movement of 9 trillion PEPE tokens, valued at a not-so-insignificant $82.17 million, to the cryptocurrency exchange.

The whale’s activity coincides with a 19% drop in the price of the meme-inspired cryptocurrency over the past week, which might indicate potential capitulation from some investors.

The sender’s address has a history of frequent and high-value transactions, currently holding over 100 ETH (more than $300,000) and a diverse portfolio of various other cryptocurrencies, valued at over $275 million.

The address has also recently transferred multiple amounts of ETH to Bybit over several transactions, which might indicate that the investor is capitulating or using the funds to manage their liquidity on the platform.

Last month, a cryptocurrency whale moved a large portion of their holdings in the meme-inspired cryptocurrency PEPE to leading cryptocurrency exchange Binance, which was likely to sell the tokens at a significant loss of around $1.57 million.

PEPE is a meme coin inspired by the Pepe the Frog meme and was introduced to the market on April 17, 2023. Despite warnings about the contract owner’s ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom.

Earlier, a fortunate cryptocurrency investor managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days.

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