A PEPE token whale took advantage of a dip in the memecoin’s value and purchased $529,000 worth of tokens. This transaction follows previous actions by the same whale, who bought 500 billion PEPE tokens for 280 Ethereum ($507,000) on June 5, 2023.
The dip in PEPE’s value, which dropped by around 15%, was caused by changes made to a multisig wallet and concerns about potential developer manipulation. Seizing the opportunity, the whale spent 320 Ethereum, equivalent to $529,000, to acquire 640 billion PEPE tokens at an average buying price of $0.000001163.
This recent move adds to the pattern of the whale’s previous actions. On May 6, they invested 253 Ethereum ($481,000) to acquire 164 billion PEPE tokens. The dip in PEPE’s price potentially prompted the whale’s swift response, as selling activity increased after adjustments were made to a multisig wallet managed by the developers.
Changes to the wallet’s structure, reducing the number of required transaction signatures from five to two, raised concerns about a potential rug pull, leading to a 20% decline in PEPE’s value in the past 24 hours. The whale’s actions demonstrate their confidence in the token despite the recent turmoil.
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