Ethereum

Pepe

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 This transaction followed this same whale’s previous transactions on 5 June 2023 where he spent 280 Ethereum (worth $507,000) to acquire 500 billion PEPE. 
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<div class="cointelegraph"> 
 After the value of the frog-themed memecoin Pepe (PEPE) dropped by approximately 15% due to recent modifications in a multisig wallet and concerns about potential developer manipulation, a significant PEPE holder spent 320 Ethereum (ETH) valued at $529,000 to acquire 640 billion PEPE tokens. 
 According to an X (formerly known as Twitter) post shared by the on-chain analytics platform, Lookonchain. The post also revealed that the <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> purchased the PEPE at an average buying price of $0.000001163. 
 Continuing its previous actions, the same <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> made another move on Aug. 25, following its earlier transactions. On June 5, 2023, the <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> used 280 Ethereum (equivalent to $507,000) to obtain 500 billion PEPE <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a>. Furthermore, on May 6 of this year, the <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> invested 253 Ethereum (<a rel="noopener noreferrer nofollow" title="worth" href="https://thebittimes.com/tag/worth.html">worth</a> $481,000) to acquire 164 billion PEPE <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a>. 
 <blockquote class="twitter-tweet"> 
 A <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> spent 320 $ETH ($529K) to buy 640B $PEPE again 3 hrs ago. The <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> also spent 280 $ETH ($507K) to buy 500B $PEPE on June 5 and spent 253 $ETH ($481K) to buy 164B $PEPE on May 6. The average buying price is $0.000001163.https://t.co/9zRGywTADphttps://t.co/EiUQUrHWqc pic.twitter.com/BjReDraBgv— Lookonchain (@lookonchain) August 25, 2023 
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 Possibly seizing the opportunity presented by PEPE's reduced price after a significant sell-off, this specific whale appears to have acted&nbsp;fast. The meme coin 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. 
 Modifications were applied to this wallet, originally containing $10 million in PEPE value, resulting in a reduction of mandatory transaction signatures. This change, which lowered the necessity from five out of eight signatures to just two, prompted immediate suspicions. 
 Changes made to a project's critical financial structure naturally give rise to worries about a potential "rug pull," where developers vanish with investors' funds. Following these developments, the value of the once popular meme coin has plunged by more than 20% within the past 24 hours alone. 
 Related: Is the 25% drop in PEPE, SHIB and APE a sign of a deepening crypto bear market? 
 As of the time of publication, the trading price of PEPE has declined to $0.0000008738, just slightly above its lowest point in the 24-hour span at $0.0000008046. During the same period, the trading volume for PEPE experienced a significant surge of 276.51% compared to the previous day, reaching a remarkable total of $283.05 million. 
 Over the last 24 hours, the decrease in PEPE's price further contributed to its lackluster performance in the previous 30 days. As a result, the meme coin witnessed a decline of over 30% during the month. 
 Magazine: How smart people invest in dumb memecoins — 3-point plan for success 
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PEPE whale seizes dip opportunity, buys $529k worth of tokens

TheBitTimes

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