A recent substantial sell-off of Pepe Coin (PEPE), the popular meme coin, has sparked concern among the meme crypto community.
Insider Whale Dumps PEPE
Lookonchain flagged a transaction in which 972.84 billion PEPE coins were deposited in exchange for 514 Ethereum (ETH), worth approximately $848,000. This unexpected transaction came from the address labeled “0x1497”, raising questions about possible insider influence.
Address 0x1497 sold all 972.84B $PEPE for 514 $ETH ($848K) ~2 hrs ago, the selling price was $0.0000008718.
This guy might be an inside trader.
He received 0.58 $ETH from #FixedFloat and spent 0.027 $ETH ($58) to buy 2.27T $PEPE within 10 minutes of $PEPE starting trading. pic.twitter.com/QflquoJu0l
— Lookonchain (@lookonchain) June 15, 2023
Suspicious activity raises questions
The sale was made at an individual currency rate of $0.0000008718. It was not the first time that this address has been involved in large-scale PEPE coin transactions, bringing additional scrutiny to the company’s activities. In an earlier episode dating back to April, the same address showed remarkable activity during the meme coin’s earliest trading phase.
In the incident referred to, the address received 0.58 ETH from the FixedFloat crypto exchange. The money was immediately used, with 0.027 ETH, or about $58, spent on acquiring a whopping sum of 2.27 trillion PEPE coins. All of this happened within a mere 10 minutes of the initial trading phase of the coin beginning.
Impact on the value of PEPE
The fallout from this insider’s recent hefty coin deposit has not been good for PEPE. The value of the coin has been on a downward trend, falling another 2% after the sale. At certain intervals, the dip even hit 5%, casting a shadow over the coin’s future trajectory.
Related: Pepecoin ($PEPE) Is Officially Dead – Says Dogecoin Millionaire – Coinpedia Fintech News
At the time of writing, PEPE’s position has continued to deteriorate, dropping nearly 9% in the past day and a cumulative fall of 22% over the past week. This substantial liquidation of PEPE coins has only reinforced the bearish outlook surrounding the meme coin.
This massive liquidation has undoubtedly contributed to PEPE’s continued decline, underscoring the significant impact whale trades can have on a currency’s market performance. The community is now closely monitoring further developments, awaiting possible clarity on the whale’s identity and motives.