Amidst a recent turmoil in the meme coin market, a notable investor capitalized on the drop in PEPE token value. The investor, previously active in purchasing PEPE tokens, saw the value of the frog-themed memecoin drop by approximately 15% due to alterations in a multisig wallet and concerns of developer manipulation.
The investor swiftly reacted, purchasing 640 billion PEPE tokens for 320 Ethereum, equivalent to $529,000. This strategic move followed earlier purchases on June 5th (500 billion PEPE tokens for 280 Ethereum) and May 6th (164 billion PEPE tokens for 253 Ethereum).
— Lookonchain (@lookonchain) August 25, 2023
The purchase was made at an average price of $0.000001163 per token, indicating confidence despite the recent price dip. The turmoil stemmed from modifications to a multisig wallet holding $10 million in PEPE value, raising concerns about potential mismanagement.
Consequently, PEPE’s value plummeted by over 20% in 24 hours, with a current trading price of $0.0000008738, slightly above its 24-hour low. Despite this, trading volume surged by 276.51%, hitting $283.05 million.
PEPE’s 30-day performance also suffered, witnessing a month-long decline of over 30%. The investor’s calculated move underscores the ongoing volatility and risks associated with meme coins amidst evolving project structures.