Bybit's PEPE Accumulation Drives 29% Price Surge
1min read Bybit, a prominent cryptocurrency exchange, has been discreetly accumulating the meme coin PEPE through hidden wallets, according to blockchain analytics. This accumulation began approximately a month ago when a Bybit wallet deposited $1 million USDT to purchase PEPE tokens. The persistent buildup of PEPE tokens by Bybit suggests a potential future price expansion, as institutional buyers often indicate significant market movements.
The accumulation of PEPE by Bybit follows a sweep of sell-side liquidity, which resulted in an uptrend for the token. This trend is indicative of future market behavior, as the levels at which Bybit has been accumulating PEPE are key support levels. The trend of accumulation by Bybit and other confidential wallets suggests that institutions are gradually building positions for a potential breakout in the near future.
Ask Aime: How does Bybit's accumulation of PEPE affect the future price of the meme coin?
PEPE's price action has shown the first indications of an upswing since escaping from an ongoing declining trend line. The token reached a new sell-side price level of $0.00000589, which created a possible lowest point. During this period, PEPE recorded a boost in liquidity as selling demand ran out, producing a 10-day uptrend that propelled PEPE to hit a value of $0.00000758 at press time. Support testing of the recent breakout served as critical proof for additional price hikes.
This bullish defensive position by investors could position PEPE to move up to $0.00000850 and $0.00001000 as the bull market strengthens itself. The buy-side liquidity located at $0.00002834 seemed to serve as a long-term target because of sustained momentum. However, failure to maintain above both the trendline and the $0.00000700-level might lead to a price decline that could hit $0.00000670, before possibly doing a second test of the $0.00000589 liquidity zone. A violation of this support level will render the price reversal process wrong.
The profitability status of PEPE token investors holds significant importance. At press time, 81.85% were profitable, 19.60% were at break-even, and 69.49% were losing. The market sentiment has been largely positive because most holders seemed to be ‘In The Money,’ which demonstrated strong support. However, ‘Out of The Money’ holders constituted the least ownership and may have the potential to place sales orders if the price falls. In this way, this cohort might be targeting downward price changes.
