Ethereum

Pepe

Pepe Community

Trillion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
An early investor in <a href="https://u.today/pepe-pepe-responds-to-unexpected-transactions-that-led-to-price-crash" rel="noopener noreferrer nofollow">Pepe (PEPE)</a> cashed out a staggering 1 trillion tokens for 537 Ethereum, roughly equating to $885,000, according to recent data provided by blockchain sleuth&nbsp;<a href="https://twitter.com/lookonchain/status/1695416400641474926" rel="noopener noreferrer nofollow">Lookonchain</a>.
The investor had initially spent a meager 0.0183 <a href="https://u.today/ethereum-eth-shows-rare-pattern-that-might-lead-to-massive-rally-analyst" rel="noopener noreferrer nofollow">Ethereum</a> ($36.73) to purchase 1.69 trillion PEPE tokens just after the cryptocurrency started trading.
The sale realized a remarkable gain of 54,725 times the original investment, amounting to a total of 1,001 Ethereum, or approximately $1.73 million.
This move comes amid heightened trading activity surrounding PepeCoin, with a 24-hour trading volume exceeding $219 million.
<h2 id="community-trust-eroding">Community trust eroding</h2>
As <a href="https://u.today/pepe-price-collapses-as-devs-allegedly-sell-tokens-en-masse" rel="noopener noreferrer nofollow">reported by U.Today</a>, the third-biggest meme token has been embroiled in controversy. Tweets from blockchain monitoring services have revealed questionable activities involving the cryptocurrency's developers.
Allegedly, 16 trillion PEPE tokens were moved out of a multi-signature wallet by the development team, and a significant portion of these were promptly sold, leading to a massive price decline in the token.
PEPE's official statement claims that three former team members stole 60% of the wallet's tokens and subsequently deleted their social accounts.
Well-known crypto trader Kaleo has publicly <a href="https://twitter.com/CryptoKaleo/status/1695482206641152493" rel="noopener noreferrer nofollow">expressed</a> his disillusionment with the PEPE project. He took to social media stating, "I hope PEPE completely collapses," explaining that he can no longer support a project managed by "such shady and greedy individuals." His post reflects growing skepticism within the crypto community about the long-term viability of PepeCoin, particularly given the alleged unethical behavior of its founding team.
The future of this meme-based token hangs in the balance given that community trust has been eroded at a fast pace.

Early PEPE Whale Sells 1 Trillion Tokens

Table of Contents

U.Today

Other articles published on Aug 27, 2023

Join our free newsletter for daily crypto updates!