A recent substantial sell-off of Pepe Coin (PEPE), the popular meme coin, has triggered concerns among the meme crypto community.
Insider Whale Dumps PEPE
Lookonchain flagged a transaction that saw a massive dump of 972.84 billion PEPE coins in exchange for 514 Ethereum (ETH), worth around $848,000. This unexpected transaction originated from the address labeled “0x1497”, prompting queries about potential 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 took place at an individual coin rate of $0.0000008718. It wasn’t the first time that this address had been involved in sizable transactions involving PEPE coins, drawing heightened scrutiny towards its activities. In a previous episode dating back to April, the same address exhibited noteworthy activity during the earliest trading stage of the meme coin.
In the referenced incident, the address received 0.58 ETH from the FixedFloat crypto exchange. The funds were immediately put to use, with 0.027 ETH, or roughly $58, being spent on acquiring a colossal sum of 2.27 trillion PEPE coins. All this transpired within a scant 10-minute window following the onset of the coin’s initial trading phase.
Impact on PEPE’s Value
The fallout of this insider’s recent hefty coin dump has not been benign for PEPE. The coin’s value has seen a downward trend, slipping an additional 2% following the sale. At certain intervals, the dip even touched 5%, casting a pall over the future trajectory of the coin.
Related: Pepecoin ($PEPE) is Officially Dead – Says Dogecoin Millionaire – Coinpedia Fintech News
As of this writing, PEPE’s standing has deteriorated further, registering a nearly 9% decrease within the past day and a cumulative 22% drop over the last week. This substantial liquidation of PEPE coins has only amplified the bearish outlook surrounding the meme coin.
This hefty liquidation has undoubtedly contributed to PEPE’s ongoing decline, underscoring the significant influence that whale transactions can wield over a coin’s market performance. The community is now keeping a wary eye on further developments, awaiting potential clarity on the identity and motives of the whale.
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