An investor with a large holding in PEPE, a cryptocurrency with a frog motif, sold billions of Pepe tokens for Ethereum. At the very beginning of PEPE, the whale—an early investor—had amassed nearly 1.73 trillion PEPE tokens.
On April 17, 2023, Pepe, a coin based on Ethereum, went live. Not too unlike meme currencies like Dogecoin (DOGE) and Shiba Inu (SHIB), PEPE quickly became well-known and attracted the attention of investors.
Notably, in April and May of 2023, the whale paid $0.00000005406 for the PEPE tokens, which were valued at $936,000.
The blockchain analytics firm Spotonchain reports that the whale just unloaded its assets. In the last few hours, a total of 1.731 trillion PEPE, valued at $1.74 million, was traded for 742.6 ETH at $0.000001004. After the sales, the whale made $802,500, or 85.7%, in profit.
https://x.com/spotonchain/status/1752501892389929286?s=20
After that, PEPE’s stock fell precipitously, falling 11% on the previous day. As of this writing, PEPE had dropped 10.82% to $0.0000009414 during the previous day.
PEPE had been falling since January 11th, when it reached a high of $0.000001015. Bears wrecked havoc on the market soon after the approval of the Bitcoin spot ETF, exacerbating the falls. The declines caused PEPE to hit almost three-month lows and for it to lose its daily moving averages.
PEPE raised some eyebrows over the weekend when it detected some unusual behaviour on the PEPE deployer.
PEPE asserts that it is not connected to any other projects or tokens, and that neither these transactions nor any upcoming ones from the deployer wallet are related to the company’s surviving members. It links the dubious former team members who had previously embezzled from the PEPE treasury to the questionable transactions.
