A Pepe coin whale transferred 4 trillion coins from crypto exchange Bybit to an unknown wallet. The transaction is worth approximately $29.8 million and has gained the attention of the wider community. This comes amid the recent crypto market recovery as asset prices leap forward.
PEPE Coin Whale Transfers Large Assets
Crypto activities have surged in the last 24 hours as asset prices move higher. Data from on-chain crypto tracking platform Whale Alert shows a Pepe coin whale moved 4 trillion assets from Bybit to an unknown wallet. The transaction which sparked a lot of attention was worth about $29.8 million showing growing confidence in the market.
🚨 🚨 4,000,000,000,000 #PEPE (29,868,000 USD) transferred from #Bybit to unknown wallethttps://t.co/JZAMCxXyhy
— Whale Alert (@whale_alert) September 10, 2024
Digital assets whale transfers off centralized exchanges point to a bullish bet which shows investor confidence. However, movement to exchanges shows an imminent sale due to the ease of sending assets. Most crypto users have speculated similar transactions as assets continue to rebound. The wider market moved up 3% today with Bitcoin price regaining $57,000.
Similar transactions have been recorded across diverse crypto like BTC, MATIC, etc as holders transfer assets off exchanges. Recently, XRP whales resumed accumulation sparking positive sentiments in the market. Bitcoin bulls also withdrew huge amounts of assets from centralized exchanges ahead of the United States jobs data release.
What’s Next For PEPE Price?
The move is seen as a bullish activity due to the transfer from centralized exchange Bybit. This came amid a frenzy in the space as the meme coins marched upwards. PEPE price stands at $0.000007438, a 5.6% growth in the last 24 hours outpacing major crypto assets. Several commentators expect meme coins to sustain due to increased inflows into the space.
Pepe coin whales have also pointed to the anticipated September rate cuts by the Federal Reserve as reasons behind the momentum. Policy rate cuts will see investors move funds to risky assets igniting an upward trajectory in meme coins.
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/pepe-coin-whale-transfers-4-tln-tokens-will-pepe-rebound-sustain/
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