PEPE whale seizes dip opportunity, buys $529k worth of tokens
After the value of the frog-themed memecoin Pepe (PEPE) 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) 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.
A whale spent 320 $ETH ($529K) to buy 640B $PEPE again 3 hrs ago.
The whale also spent 280 $ETH ($507K) to buy 500B $PEPE on June 5 and spent 253 $ETH ($481K) to buy 164B $PEPE on May 6.
The average buying price is $0.000001163.https://t.co/9zRGywTADphttps://t.co/EiUQUrHWqc pic.twitter.com/BjReDraBgv
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
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