Crypto newsMemecoins

PEPE whale capitalizes on market dip, purchases $529k worth of tokens.

PEPE holder seizes opportunity, acquiring 640 billion tokens valued at $529,000.

An X post from Lookonchain, an on-chain analytics platform, revealed the whale’s average purchase price of $0.000001163.

The same whale continued its activity on August 25th, following previous transactions on June 5, 2023 (500 billion tokens with 280 Ethereum worth $507,000) and May 6 (164 billion tokens with 253 Ethereum worth $481,000).

Taking advantage of the price drop following a notable sell-off, an opportunistic whale made quick moves in the PEPE market.

The memecoin witnessed increased selling activity, likely triggering the whale’s actions.

The turmoil stemmed from modifications made to a multisig wallet controlled by the developers.

The wallet, initially holding $10 million worth of PEPE, underwent changes that reduced the required number of transaction signatures.

The adjustment lowered the threshold from five out of eight signatures to only two, raising immediate concerns and suspicions.

Concerns of ‘Rug Pull’ Spark Sharp Decline: PEPE Meme Coin Plunges Over 20% in 24 Hours

Concerns of a potential “rug pull” emerged as critical changes were implemented in the financial structure of a project, raising alarm about the developers vanishing with investors’ funds.

In response, the value of the once-popular meme coin experienced a sharp decline of more than 20% within the past 24 hours.

At the time of writing, PEPE’s trading price stood at $0.0000008738, hovering just above its lowest point of $0.0000008046 within the 24-hour timeframe.

Notably, the trading volume for PEPE surged by an impressive 276.51% compared to the previous day, reaching a substantial total of $283.05 million.

The downward trend of PEPE’s price over the past 24 hours has contributed to its lackluster performance over the last 30 days, resulting in a significant decline of over 30% during the month.

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