A prominent PEPE holder spent 320 ether after the frog-themed memecoin Pepe (PEPE) dropped about 15% in value due to recent modifications to multisig wallets and concerns over potential developer manipulation Square (ETH), worth $529,000, acquired $640 billion of PEPE tokens.
According to X (formerly known as Twitter) post shared Provided by the on-chain analysis platform Lookonchain. The post also revealed that whales bought PEPE at an average purchase price of $0.000001163.
Following on from the previous trade, the whale continued its previous move and made another move on August 25th. On June 5, 2023, the whale acquired 500 billion PEPE tokens using 280 Ethereum (equivalent to $507,000). Additionally, on May 6 this year, whales invested 253 ETH (worth $481,000), acquiring 164 billion PEPE tokens.
A whale cost 320 $ETH ($529K) Buy 640B $PEPE 3 hours ago again.
The whale also spent 280 $ETH ($507K) Buy 500B $PEPE June 5th spends 253 $ETH ($481K) Buy 164B $PEPE May 6th.
The average purchase price is $0.000001163.https://t.co/9zRGywTADphttps://t.co/EiUQUrHWqc pic.twitter.com/BjReDraBgv
— Lookonchain (@lookonchain) August 25, 2023
This particular whale may have seized the opportunity presented by PEPE’s price cut after a sharp sell-off, Take action quickly. A spike in sales activity for memecoins could prompt whales to take action. The turmoil centers on tweaks to developer-managed multisig wallets.
This wallet was modified to initially contain $10 million worth of PEPE, reducing the amount of mandatory transaction signatures. The change reduced the need for signatures from five out of eight to just two, prompting immediate skepticism.
Changes to a project’s key financial structure naturally raise concerns about potential “carpet pull”, where developers disappear with investors’ money. Following these developments, the value of the once popular meme coin has plummeted by more than 20% in the past 24 hours alone.
related: Is the 25% drop in PEPE, SHIB and APE a sign of a deepening crypto bear market?
At press time, PEPE was trading as low as $0.0000008738, just above its 24-hour low of $0.0000008046. During the same period, the trading volume of PEPE surged by 276.51% compared with the previous trading day, reaching a staggering $283.05 million.
The drop in the price of PEPE over the past 24 hours has further exacerbated its lackluster performance over the past 30 days. As a result, Memecoin fell by more than 30% in a month.
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