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 tokens from Bybit in a $29.8 million transaction, signaling confidence in the market as meme coin values rise.

(On-chain Crypto)

The whale made the Pepe coin transfer from Bybit to an unidentified wallet, according to data from Whale Alert, an on-chain crypto tracking site. The transaction, which was valued at $29.8 million, drew attention for its indication of optimism in the market.

When "whales" move assets off of centralized exchanges, it is frequently seen as a optimistic bet and an indication of investor confidence. This is because assets can be readily transferred to exchanges in anticipation of a sale.

Bitcoin Recovery Contributes to Overall Market Boost

The transaction comes amid a broader market recovery, with Bitcoin’s price surging past $57,000 as noted by Finbold earlier today. The price of BTC has risen significantly in recent days, contributing to the positive sentiment.

Several on-chain metrics have indicated a bullish outlook for Bitcoin, including the coin’s realized price hitting a new all-time high and the Relative Strength Index (RSI) entering the overbought zone.

As noted by a recent report, Bitcoin bulls withdrew massive amounts of BTC from centralized exchanges in the hours leading up to the release of US jobs figures. This move is seen as a bullish sign, especially given the anticipation surrounding the upcoming Federal Reserve meeting.

XRP Whales Reportedly Join Accumulation Trend

Meanwhile, XRP whales have started accumulating again, which is having a positive impact on the market sentiment, according to Coingape. The sustained selling pressure on XRP appears to be easing, providing some relief to the coin.

The market is displaying signs of optimism, with meme coins experiencing a surge in value as major crypto assets witness a collective rise. Pepe coin, in particular, has outpaced major crypto assets in the past 24 hours with a 5.6% gain.

Over the past 24 hours, PEPE has risen by 5.6%, trading at $0.000007438, outpacing major crypto assets. According to several commentators, the rising investment in the sector is likely to continue to benefit meme currencies.

Pepe coin enthusiasts have also pointed to the Federal Reserve’s anticipated rate cut in September as a potential driver behind the coin’s rally. When the central bank lowers interest rates, investors tend to channel funds into riskier assets, which could be boosting meme currencies.