Whale Buys 640 Billion PEPE Tokens After Recent Sell-Off

Significant Purchase Amidst Market Turmoil

Following a recent drop in value and concerns about developer manipulation, a major holder of the frog-themed memecoin Pepe (PEPE) has made a significant purchase. The whale spent 320 Ethereum (ETH) valued at $529,000 to acquire 640 billion PEPE tokens.

Fast Actions and Lowered Prices

This particular whale seems to have seized the opportunity presented by the reduced price of PEPE after a significant sell-off. The meme coin experienced a surge in selling activity, potentially prompting the whale's move.

Developer Suspicion and Price Plunge

The turmoil surrounding PEPE stemmed from modifications made to a multisig wallet managed by the developers. Changes to the wallet's structure raised concerns about a potential "rug pull," where developers vanish with investors' funds. These worries resulted in a more than 20% plunge in the value of PEPE within the past 24 hours alone.

Trading Volume Surge and Lackluster Performance

As of the time of publication, the trading price of PEPE has declined to $0.0000008738, just slightly above its lowest point in the past day. At the same time, the trading volume for PEPE has experienced a significant surge of 276.51% compared to the previous day, totaling $283.05 million. Over the last 30 days, the meme coin has witnessed a decline of over 30% in value.

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