PEPE Price Analysis: 9 Trillion PEPE Tokens Moved to Bybit as Price Gains Stability- Is a Major Price Surge Coming?

PEPE Price Analysis: 9 Trillion PEPE Tokens Moved to Bybit as Price Gains Stability- Is a Major Price Surge

As of today, PEPE is trading at $0.000009219 with a 24-hour trading volume of $678.95 million which indicates a 33% decline in trading activity. The meme coin market cap stands at $3.89 billion ranking it 24th among all cryptos.

PEPE Price Chart: Coinmarketcap
PEPE Price Chart: Coinmarketcap

A Whale alert  reported recently a massive transfer of 9 trillion PEPE tokens that were valued at $82 million approximately from an unknown wallet to the crypto exchange Bybit on July 10, 2024 in a substantial growth for the meme coin market. This transfer comes amid a price increase for PEPE that happened 2 days ago.

The address of the sender (0x88a14933…23e323ade3) shows high activity with strong frequent transactions. It now currently holds 100.22 ETH which are worth $311,399 and tokens valued at $275,325,480 across 29 different cryptos. Recent transactions from this address include several large ETH transfers to Bybit hot wallet

Bybit hot wallet, the recipient of the PEPE transfer holds a substantial balance of 57,172.30 ETH  or $177,599,712.70 and over 201 different tokens valued at more than $429,964,262.83

This whale activity has flared assumptions about a potential selloff but some analysts suggest that it could be an internal movement by Bybit. The transfer comes as the PEPE price stabilizes around $0.00000920

In another connected activity Lookonchain reported another whale booking nearly $650,000 profit in PEPE as the price surged. This whale deposited 3.94T  PEPE worth $7M  to a Binance associated wallet after acquiring the tokens in late June and early July

Looking at its technicals PEPE has recently found support after a general crypto market selloff. The meme coin had been in a bearish mode since reaching an all-time high of $0.00001725 on May 27th. It then experienced a 55% pullback after the high finding a horizontal support level at $0.00000763 on July 5th.

PEPEUSD 4-Hour Chart: TradingView
PEPEUSD 4-Hour Chart: TradingView

The daily Relative Strength Index currently sits at 40 indicating growing bullish momentum as buyers attempt to push prices higher. The 200-day Exponential Moving Average at $0.00000776 provides additional support and therefore create a confluence for a strong recovery potential.

A vital key level to watch is the $0.00000991 high market few days ago. If PEPE price can break and close above the level then it could signal a trend reversal and the start of a recovery phase.

Several renowned analysts on X believe that the crypto and meme coin markets are entering an accumulation phase with predictions of a strong rally for PEPE in August. 

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