A major shift in the PEPE meme coin market is unfolding as a staggering 2 trillion PEPE tokens were withdrawn from crypto exchange Bybit to an unidentified wallet. The transaction, valued at roughly $27.8 million, has triggered widespread discussion within the crypto community, especially as it coincides with a fresh upward move in the token’s price.
The transfer was first spotted by blockchain analytics firm Whale Alert, which noted the large-scale withdrawal late May 24. Following the event, PEPE’s price jumped over 4%, reclaiming ground at $0.00001413 after suffering a notable drop of 19% earlier in the week.
Whale Accumulation Points to Bullish Sentiment
This latest move comes amid a noticeable uptick in whale activity. Over 11.75 trillion PEPE tokens have changed hands in the past 24 hours, according to on-chain data. Such high-volume shifts typically signal repositioning by major investors, often ahead of expected volatility or a directional market move.
Crypto watchers believe the 2 trillion token withdrawal indicates strong conviction from a whale entity, likely shifting tokens to cold storage for long-term holding. In such cases, assets leaving exchanges generally reflect reduced sell-side pressure, hinting that major holders are not planning immediate exits.
Market analysts at Santiment have noted a similar pattern across several meme tokens in the past. As seen in previous bull phases, whale accumulation often precedes sharp upward movements as circulating supply tightens.
High-Stakes Leverage and Liquidations Behind the Scenes
On-chain intelligence platform Lookonchain also reported that crypto trader James Wynn took a bold long position on PEPE using 10x leverage, riding a potential recovery after the dip.
At one stage, his trade showed an unrealized profit of $130,000, before a sharp reversal led him to close the position partially, incurring losses of $4.4 million across both PEPE and Bitcoin positions.
This reveals the fragile balance between bullish speculation and risk management, especially in meme coin markets known for their rapid price swings.
Meme Coins Rebound with Market Sentiment
PEPE’s price movements have mirrored the broader crypto market, especially Bitcoin, which has recently stabilized above the $105,000 range. As macroeconomic conditions shift, meme coins like PEPE are once again riding waves of renewed interest from traders seeking quick returns.
The token has seen considerable traction in 2024, benefiting from its growing meme appeal and integration into more trading platforms. PEPE is now among the top-traded meme coins, alongside Dogecoin and Shiba Inu, with increased liquidity and accessibility playing a role in its market resilience.
The recent withdrawal from Bybit underscores a shift in sentiment from speculative dumping to strategic accumulation. Analysts suggest that if large holders continue to remove supply from exchanges, PEPE’s price could gain further upward momentum.
Final Thoughts
The withdrawal of 2 trillion PEPE tokens signals renewed whale confidence just as the token rebounds from a turbulent price correction. As trading volume climbs and major players reposition, PEPE may be setting the stage for a new wave of volatility—and possibly, renewed highs.
Investors and traders should watch closely as whale movements often serve as leading indicators in the fast-paced meme coin market. While high risk remains a defining feature, current trends point to increasing conviction among large holders that PEPE still has room to grow.
