• A whale purchased $529,000 worth of Pepecoin (PEPE) tokens at an average price of $0.000001163.
• The transaction followed two previous purchases by the same whale, on June 5 and May 6, respectively.
• The purchase was made after recent developments prompted a drop in PEPE’s value by more than 20%.
Whale Purchases $529K Worth of Pepecoin Tokens
A significant Pepecoin holder recently spent 320 Ether valued at $529,000 to acquire 640 billion PEPE tokens. This transaction followed two earlier purchases by the same whale — 280 Ether (worth $507,000) for 500 billion PEPE on June 5 and 253 ETH ($481,000) for 164 billion PEPE on May 6. The average buying price was recorded as $0.000001163.
Drop In Value Prompted By Recent Developments
The dip in value followed modifications to a multisig wallet managed by the developers which lowered the number of signatures required to sign transactions from five out of eight to just two out of eight, leading to immediate suspicions about possible developer manipulation or “rug pull” where developers vanish with investors’ funds. As a result, the once-popular memecoin fell over 20% in value.
Whale Seizes Opportunity Presented By Dip In Price
After a significant sell-off pushed the value down further still — reaching its lowest point at $0.0000008046 — the whale appeared to seize this opportunity presented by the reduced price and act fast in their purchase of 640B PEPE tokens.
Value Of Pepecoin At Time Of Publication
As of the time of publication, trading price had declined further still — to $0.0000008738 — just slightly above its lowest point during that 24-hour span described above ($0.0000008046).
It appears that this particular whale may have been able to capitalize on PEPEs recent dip in value with their latest purchase; however only time will tell whether this decision pays off or not for them and other investors alike!