by This transaction followed this same whale’s previous transactions on 5 June
2023 where he spent 280 Ethereum (worth $507,000) to acquire 500 billion PEPE.
After the value of the frog-themed memecoin Pepe PEPE
$0.000001
dropped by approximately 15% due to recent modifications in a multisig wallet and
concerns about potential developer manipulation, a significant PEPE holder spent 320 Ethereum ETH$1,648
valued at $529,000 to acquire 640 billion PEPE tokens.
According to an X (formerly known as Twitter) post shared by the on-chain analytics platform,
Lookonchain. The post also revealed that the whale purchased the PEPE at an average buying price of $0.000001163.
Continuing its previous actions, the same whale made another move on Aug.
25, following its earlier transactions. On June 5, 2023, the whale used 280 Ethereum
(equivalent to $507,000) to obtain 500 billion PEPE tokens.
Furthermore, on May 6 of this year, the whale invested 253 Ethereum (worth $481,000) to acquire 164 billion PEPE tokens.
Possibly seizing the opportunity presented by PEPE’s reduced price after a significant sell-off,
this specific whale appears to have acted fast. The meme coin experienced a surge in selling
activity, potentially prompting the whale’s action. The turmoil centered
around adjustments made to a multisig wallet managed by the developers.
Modifications were applied to this wallet, originally containing $10 million in PEPE value,
resulting in a reduction of mandatory transaction signatures.
This change, which lowered the necessity from five out of eight signatures to just two,
prompted immediate suspicions.
Changes made to a project’s critical financial structure naturally give rise to worries about a
potential “rug pull,” where developers vanish with investors’ funds.
Following these developments, the value of the once popular meme coin
has plunged by more than 20% within the past 24 hours alone.
As of the time of publication, the trading price of PEPE has declined to $0.0000008738,
just slightly above its lowest point in the 24-hour span at $0.0000008046.
During the same period, the trading volume for PEPE experienced a significant surge
of 276.51% compared to the previous day, reaching a remarkable total of $283.05 million.
Over the last 24 hours, the decrease in PEPE’s price further contributed to its lackluster
performance in the previous 30 days. As a result, the meme coin witnessed a decline of over 30% during the month.
