Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A report published by popular blockchain tracker Whale Alert today reveals a staggering meme coin transfer as several trillion PEPE were transferred 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, a major trader went long on PEPE with 10x leverage.
2 trillion PEPE leave Bybit into 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.
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 ago, a new 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.
Vladislav Sopov
U.Today Editorial Team