A massive cryptocurrency whale has recently moved 9 trillion tokens of the meme-inspired cryptocurrency $PEPE onto popular cryptocurrency exchange Bybit in a transaction that shook the memecoin’s community.

According to whale monitoring service Whale Alert, the whale moved 9 trillion PEPE tokens worth $82.17 million to the cryptocurrency exchange, with the move coinciding with a 19% drop for the price of the meme-inspired cryptocurrency over the past week, suggesting potential capitulation.

The sender’s address notably shows a history of frequent and high-value transactions and currently holds over 100 ETH valued at more than $300,000, along a diversified portfolio of various other cryptocurrencies worth more than $275 million.

The address recently also transferred multiple amounts of ETH to Bybit over various transactions, which suggests the investor is indeed capitulating or using the funds to manage their liquidity on the platform.

As reported, last month a cryptocurrency whale moved a considerable portion of their holdings in the meme-inspired cryptocurrency PEPE to leading cryptocurrency exchange Binance, presumably to sell the tokens at a significant loss of around $1.57 million.

PEPE was a hot meme coin inspired by the infamous meme and cartoon character Pepe the Frog, and was introduced to the market on April 17, 2023. Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. 

Earlier, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.

Featured Image via Pixabay