After the frog-themed memecoin, Pepe (PEPE), experienced a 15% drop in value to $0.000001 due to recent multisig wallet changes and fears of potential developer deception, a major PEPE investor bought 640 billion PEPE tokens, spending 320 Ethereum (ETH), which, with a decline to $1,649 each, totaled $529,000.
A post from the on-chain analytics platform, Lookonchain (formerly recognized as Twitter), disclosed the whale’s average purchase price as $0.000001163 for PEPE. Building on previous investments, this whale made another acquisition on August 25. Specifically, on June 5, 2023, they spent 280 Ethereum ($507,000) to buy 500 billion PEPE tokens and on May 6, they invested 253 Ethereum ($481,000) for 164 billion tokens.
This whale likely took advantage of PEPE’s price dip, driven by intensified sales activity stemming from concerns about multisig wallet modifications by developers. Originally holding PEPE worth $10 million, alterations to the wallet reduced required transaction approvals from five of eight to just two signatures, triggering apprehensions.
Such shifts in a project’s financial setup can ignite fears of a “rug pull” – where developers disappear with investor funds. These events sent PEPE’s value tumbling over 20% in just 24 hours.
At press time, PEPE’s trading value had dropped to $0.0000008738, barely above its 24-hour low of $0.0000008046. Additionally, PEPE’s trading volume skyrocketed by 276.51% from the day before, hitting an impressive $283.05 million.
The last day’s dip added to PEPE’s 30-day decline, which surpassed 30% for the month.
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