🐸 Pepe Surges 5% as Unknown Wallet Withdraws 4T #PEPE

Crypto exchange Bybit witnessed the movement of 4 trillion PEPE across different wallet addresses today, sparking curiosity within the Pepe community.

A whale transaction raised curiosity among Pepe and crypto investors on Tuesday. According to blockchain tracking resource Whale Alert, a wallet withdrew 4 trillion PEPE from crypto exchange Bybit.

The hefty transaction, which happened by noon on September 10 (UTC), saw the whale transfer PEPE worth roughly $30 million from a Bybit wallet.

The towering Pepecoin transfer coincided with a market rebound from the third largest memecoin today. PEPE is up almost 6% in the last 24 hours with a market volume of over $1 billion. Despite the 24-hour gains, the asset is still down over 1% in the past seven days and 11.2% from this time last month.

🔸 Address Holds 3% of Pepe Supply

Further on-chain research showed that the receiving whale address, “0x88a… Ade3,” currently holds 13 trillion PEPE after the withdrawal on Tuesday. Etherscan showed that the address held about 3.1% of the memecoin’s supply.

Although Whale Alert reported the new address as an unknown wallet, data from Arkham reveals that the wallet was Bybit’s cold wallet. This meant that the transfer was a mere PEPE relocation from Bybit’s hot wallet to its cold wallet.

Transfers of this nature are common among exchanges for business and security reasons, with some of them being an effort to prevent total asset loss in the event of an attack on their platform or their hot wallet.

🔸PEPEcoin on Path to Recovery?

Notably, PEPE saw a blistering start to the year after its market debut late in 2023. The memecoin’s increased traction and growing community pushed it to the notice of tier-1 exchanges like Binance, OKX, and Bybit.

Upon being listed on Binance on May 5, PEPE surged significantly, reaching an all-time high of $0.00001718 a few days later. This push saw early users net massive gains from the asset. Since then, the asset has been on a downtrend.