Whale Moves 4 Trillion PEPE from Bybit

A crypto whale moved 4 trillion Pepe Coin tokens from Bybit in a $29.8 million transaction, signaling confidence in the market as meme coin values rise.

A crypto whale has moved 4 trillion Pepe Coin (PEPE) tokens from centralized exchange Bybit in a $29.8 million transaction, signaling confidence in the market as meme coin values rise.

Whale Moves 4 Trillion PEPE from Bybit

On-chain crypto tracking platform Whale Alert noted the movement of 4 trillion PEPE from a whale’s wallet on Bybit to an unknown wallet. The massive PEPE transfer, valued at $29.8 million at press time, signaled a bullish wager from a whale.

Usually, large digital asset transfers from “whales” to exchanges indicate an upcoming sale, considering that assets can be easily withdrawn from exchanges.

Bitcoin Recovery Pushes Entire Market up 3%

As assets continue to rally, several similar transactions have been observed by keen crypto users in the space. The total market rose 3% on Friday as Bitcoin’s price recovered $57,000.

From BTC, MATIC, and several other crypto assets, similar transactions have been reported as holders move assets off exchanges.

XRP Whales Join Accumulation Trend as Market Sentiment Shifts

Coingape also reported that the market sentiment shifted positively as XRP whales have just started accumulating again. Bitcoin bulls also moved massive amounts of money out of centralized exchanges in the hours leading up to the release of US jobs statistics.

The movement from Bybit, a centralized exchange, made the transaction appear bullish, especially at a time when meme currencies are rallying significantly.

PEPE Outperforms Major Cryptos with 5.6% Gain in Past 24 Hours

Priced at $0.000007438, PEPE has outperformed major crypto assets in the past 24 hours with a 5.6% gain. Several commentators expect meme coins to continue rallying due to the rising investment interest in the space.

Pepe coin enthusiasts have also attributed the rally to the Federal Reserve’s expected rate cut in September. As the central bank lowers interest rates, investors are expected to pile into riskier assets, boosting meme coins.