Strategic Move: PEPE Whale Seizes Market Dip, Acquires Tokens Valued at $529k

In the wake of a considerable downturn in the value of Pepe, a meme-inspired cryptocurrency, with a drop of roughly 15%, an intriguing development unfolded. This decline was attributed to recent changes made to a multisig wallet and growing concerns about potential manipulation by developers. Amid this turmoil, a major PEPE token holder made a substantial move, investing 320 Ethereum—equivalent to $529,000—to acquire a whopping 640 billion PEPE tokens.

According to a post on X (formerly known as Twitter), shared by the on-chain analytics platform Lookonchain, the acquisition was made at an average price of $0.000001163 per token.

This isn’t the first time this particular whale has made such strategic moves. On June 5, 2023, they used 280 Ethereum (approximately $507,000) to acquire 500 billion PEPE tokens. Prior to that, on May 6 of the same year, the whale invested 253 Ethereum, amounting to $481,000, to secure 164 billion PEPE tokens.

It appears that this whale acted swiftly to seize the opportunity presented by the lowered PEPE price following a significant sell-off. The heightened selling activity could have triggered their decision. The commotion revolved around changes implemented in a multisig wallet managed by developers.

The modifications altered the wallet’s structure, which initially held PEPE tokens worth $10 million, and raised suspicions due to a reduction in required transaction signatures. The mandate dropped from five out of eight signatures to just two, sparking immediate concerns about a potential “rug pull,” where developers vanish after swindling investors’ funds. In the aftermath of these events, the meme coin’s value plummeted by over 20% in the span of 24 hours.

As of the time of reporting, PEPE’s trading price sits at $0.0000008738, slightly above its 24-hour low of $0.0000008046. Remarkably, the trading volume for PEPE experienced a significant surge of 276.51% within the same timeframe, totaling an impressive $283.05 million.

In the past 24 hours, the decline in PEPE’s price further exacerbated its lackluster performance over the previous 30 days, resulting in a decline of more than 30% for the month.

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