Amidst recent fluctuations in the value of the frog-themed memecoin Pepe, a significant PEPE token holder has stepped in to acquire tokens at a time when their price had dipped by around 15%.
This move follows concerns arising from modifications in a multisig wallet and potential developer manipulation.
The notable PEPE holder invested 320 Ethereum, equivalent to $529,000, to secure a total of 640 billion PEPE tokens.
An X (formerly Twitter) post shared via the on-chain analytics platform Lookonchain highlighted this transaction, indicating that the tokens were obtained at an average price of $0.000001163.
This action continues a trend for the same whale. On June 5, 2023, the whale used 280 Ethereum, valued at $507,000, to acquire 500 billion PEPE tokens.
Similarly, on May 6 of this year, an investment of 253 Ethereum, worth $481,000, yielded 164 billion PEPE tokens.
The current situation seems to have motivated the whale to take swift action, potentially capitalizing on PEPE’s reduced price following a notable sell-off.
The meme coin experienced heightened selling activity, which may have spurred the whale’s decision. The turbulence centered around changes made to a multisig wallet managed by developers.
These adjustments involved modifications to a wallet initially holding $10 million worth of PEPE. The changes reduced the number of mandatory transaction signatures from five out of eight to just two, raising immediate suspicions.
Such alterations in a project’s key financial structure can raise concerns about potential “rug pulls,” where developers abscond with investors’ funds.
In response to these developments, the value of PEPE, once a widely popular meme coin, has plunged by over 20% within the past 24 hours alone.
As the situation continues to evolve, it highlights the dynamic and potentially volatile nature of the cryptocurrency landscape.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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