According to a tweet sent by the on-chain analytics website, Lookonchain, a Pepe (PEPE) whale used 320 Ethereum (ETH), worth $529,000, a few hours ago to purchase 640 billion PEPE tokens. The article also stated that the whale purchased the PEPE for a median price of $0.000001163.
This transaction followed the comparable whale’s earlier ones from June 5, 2023, in which he spent 280 Ethereum (worth $507,000) to accumulate 500 billion PEPE. Additionally, on May 6 of this year, the whale invested 253 Ethereum, worth $481,000, to secure 164 billion PEPE tokens.
Following the most recent wave of promotional volume the meme coin was subjected to, this specific whale undoubtedly made the decision to take advantage of PEPE‘s lowered price. The changes made to a multisig pocket controlled by the builders themselves are at the centre of the commotion.
Changes were made to the pockets, which had previously housed $10 million worth of PEPE, that reduced the number of required signatures for transactions. As soon as the criterion changed from five out of eight signatures to just two, concerns were immediately aroused.
Such alterations to a project’s primary financial framework naturally raised concerns about a “rug pull,” in which developers steal investors’ money. Following those occurrences, the value of the formerly well-liked meme coin fell by almost 20% in the last day alone.
As a result, PEPE‘s trading value dropped to $0.0000008738 at the time of publication, just above its lowest point over the previous 24 hours, which was $0.0000008046. In addition, the volume of purchasing and selling for PEPE over the past 24 hours increased significantly by 276.51% compared to yesterday, reaching an impressive total of $283.05 million.