Home ยป Strategic Investor Seizes Opportunity as PEPE Token Faces Price Plunge

Strategic Investor Seizes Opportunity as PEPE Token Faces Price Plunge

Whale Investor Buys $529k Worth of PEPE Tokens Amidst Market Turmoil

by Isaac lane
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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).

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.

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