PEPE whale seizes dip opportunity, buys $529k worth of tokens - Mon Wellness

PEPE whale seizes dip opportunity, buys $529k worth of tokens

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

tickers down$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.

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