Bybit Moves 2 Trillion PEPE Into Anonymous Wallet as the Meme Coin's Price Soars

This transaction took place as the popular meme coin's price went up in an attempt to recover its recent losses. This PEPE purchase took place after, a few days ago, a major trader went long on PEPE with 10x leverage.

A report by popular blockchain tracker Whale Alert today reveals a staggering meme coin transfer as several trillion PEPE were shifted from major cryptocurrency trading platform Bybit.

This transaction took place as the popular meme coin’s price went up in an attempt to recover its recent losses. This PEPE purchase took place after, a few days ago, major trader went long on PEPE with 10x leverage.

2 trillion PEPE leave Bybit for unknown amid price volatility

Whale Alert spread the word about a jaw-dropping 2,000,000,000,000 PEPE leaving the Bybit exchange and going to an anonymous blockchain wallet.

That massive PEPE chunk was valued at $27,887,373.

This marks one of the largest PEPE transfers spotted by the tracker in recent times.

The popular coin inspired by the Pepe the Frog meme has recently demonstrated a 50% price surge, erasing a zero from its price, and whales have been busy accumulating it.

Apparently, the anonymous trader mentioned by Whale Alert is one of them.

As covered by U.Today, over the past 24 hours, 11.75 trillion PEPE have been transferred.

Another recent PEPE spike took place between May 21 and May 23, when the meme coin added 23%, reaching a local price peak of $0.00001606. It then lost almost 19% within just two days, bottoming out at $0.00001303 two days ago.

On Monday, the coin soared by 12%, then taking a 6% dive. By now, the price has recovered by 4.44%, with PEPE sitting at $0.00001413 per coin.

This PEPE price curve follows the price trajectory demonstrated by Bitcoin over the past few days.

According to the @lookonchain analytics account, on May 26, trader James Wynn went long on PEPE with 10x leverage and an unrealized profit of $130,000. The following day, he closed part of his PEPE and Bitcoin longs, taking a $4.4 million loss to reduce his liquidation risk.

New Bitcoin whale absorbs $133.5 million in BTC

According to the same source, a few hours a huge Bitcoin whale emerged on the market.

Whale Alert reported that 1,228 BTC were transferred from an unknown wallet to an anonymous new wallet. This could indicate an over-the-counter purchase since no centralized exchanges were tagged by Whale Alert in the tweet.

This amount of the world’s largest crypto was worth an impressive $133,506,249 at the time of the transfer.

Bitcoin has by now added 1.26%, changing hands at $109,693 per coin.