Whale Alert reports a 9 trillion PEPE transfer worth $82 million from an unknown wallet to Bybit amid a 9.7% price increase posted by PEPE this week.

On July 10, 2024, Whale Alert reported a major transfer involving the meme coin Pepe (PEPE). At 04:06:35 UTC, a transfer of 9 trillion PEPE tokens valued at approximately $82,170,000 occurred from an unknown wallet to the crypto exchange Bybit.

9,000,000,000,000 #PEPE (82,170,000 USD) transferred from unknown wallet to #Bybithttps://t.co/vpbrzjmnX6

— Whale Alert (@whale_alert) July 10, 2024

This whale activity comes when PEPE is trading at $0.000009287 today, with a 24-hour trading volume of $1,040,323,325.

Details of the Addresses Involved

The sender’s address, identified as 0x88a14933…23e323ade3, shows high activity with frequent transactions. Currently, the address has an ETH balance of 100.22 ETH, valued at $311,399. The address also holds tokens worth $275,325,480 across 29 different tokens.

This address has recently made several high-value ETH transfers to Bybit’s hot wallet, including transfers of 2,900 ETH, 8,000 ETH, 10,000 ETH, and multiple 9,000 ETH transactions.

The sender actively transfers various tokens, such as Fetch.ai (FET), Pepe (PEPE), and Ondo Finance (ONDO), indicating diversified trading activities. The high frequency of transactions suggests active management and possible liquidity management strategies.

The receiver’s address, associated with Bybit’s hot wallet, holds a substantial ETH balance of 57,172.30 ETH, valued at $177,599,712.70. This wallet also contains over 201 different tokens valued at more than $429,964,262.83.

The recent transaction has sparked speculation of a selloff, but data suggests it could also involve an internal movement by Bybit. Notably, the transfer comes at a time when PEPE’s price has stabilized at the $0.00000917 value. The frog-themed meme coin has increased by 9.7% over since Monday this week, riding on the mild recovery push in the market.

Pepe Ownership Distribution and Market Trends

It is crucial to note that data from IntoTheBlock reveals significant PEPE holdings concentration among whales on the Ethereum blockchain. Whales hold substantial portions, with the largest holder having 22.37% of the total supply.

In contrast, investors have more distributed holdings, with the largest investor holding less than 1%. Historical data shows that spikes in large transaction volumes often correlate with price increases.

PEPE Ownership Distribution | IntoTheBlock

For instance, significant price rises followed transaction volume spikes in May 2023 and March 2024. High transaction volumes typically indicate major buying or selling activities by large holders or institutional investors.

In a related event, Lookonchain reported a mysterious whale booking nearly $650,000 profit in PEPE as the price surged. This whale deposited 3.94 trillion PEPE, worth $7 million, to a Binance-associated wallet. The whale acquired 1.93 trillion PEPE on June 27 and 2 trillion PEPE on July 5, totaling 3.94 trillion PEPE.