The transaction followed this same whale’s previous transactions on June 5, when they spent 280 Ether (worth $507,000) to acquire 500 billion PEPE.
After the value of the frog-themed memecoin Pepecoin dropped by approximately 15% due to recent modifications to a multisig wallet and concerns about potential developer manipulation, a significant Pepecoin holder spent 320 Ether valued at $529,000 to acquire 640 billion Pepecoin tokens.
According to a post on X (formerly known as Twitter) shared by the on-chain analytics platform Lookonchain, the whale purchased the Pepecoin
PEPE down by $0.000001 at an average price of $0.000001163.
On June 5, 2023, the whale used 280 Ether ETH down to $1,645 — equivalent to $507,000 — to obtain 500 billion PEPE tokens. Furthermore, on May 6 of this year, the whale invested 253 ETH — worth $481,000 — to acquire 164 billion PEPE tokens.
Possibly seizing the opportunity presented by PEPE’s reduced price after a significant sell-off, this specific whale appears to have acted fast. The memecoin experienced a surge in selling activity, potentially prompting the whale’s action. The turmoil centered around adjustments made to a multisig wallet managed by the developers.
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