A Notable Holder of Pepecoin Has Invested 320 ETH, Equivalent to $ 529,000, to Acquire 640 Billion Pepecoin tokens. This Purchase was shared through a post on x (Formerly Twitter) by the On-Chain Analytics Platform lookonChain. WAS DONE at an Average Price of $0.000001163.
This investment follows previous transactions made by the same holder in Pepecoin. On June 5, the whale spent 280 ETH, about $507,000, to acquire 500 billion PEPE tokens. Furthermore, on May 6 of the same year, the whale had invested 253 ETH, approximately $481,000, to purchase 164 billion PEPE tokens. Seizing the opportunity presented by a drop in PEPE's price after a significant sell-off, the whale seems to have acted swiftly.
The increased sales activity within the memecoin market might have prompted whales to take action. The turmoil revolves around modifications made to developer-managed multisig wallets. Alterations to the wallet structure, including reducing the required signatures for transactions, raised concerns about potential "rug pulls " and led to a more than 20% decline in the value of the memecoin.
Currently, PEPE is trading at around $0.0000008738, slightly above its 24-hour low of $0.0000008046. Over the same period, PEPE's trading volume increased by 276.51% compared to the previous trading day, reaching a total of $283.05 million. The coin's lackluster performance over The past 30 days has exacerbated its decline, with PEPE experiencing a drop of more than 30% during this period.
