Lookonchain, a well-known crypto intelligence project, has revealed a startling development: address “0x1497” is believed to have auctioned off a remarkable 972,84 billion PEPE coins for 514 ETH, or a sizeable $848,000, in a single transaction. The deal was completed earlier today, with each PEPE coin selling for $0.0000008718.
Lookonchain has expressed concerns about the participation of a suspected insider from the Pepe coin side following the transaction. This notion is supported by data from an earlier incidence that happened in April before the famed meme coin scandal.
During that time, the same address acquired 0.58 ETH from the FixedFloat cryptocurrency exchange and used it right away to buy 2.27 trillion PEPE coins in just 10 minutes of the coin’s debut trading phase using 0.027 ETH, or $58.
The value of PEPE has further fallen, falling another 2% after the purported insider’s latest sell-off. The drop occasionally approached 5%, casting a gloomy pall over the coin’s future prospects. In a larger sense, PEPE coin saw a 40-day downward trend until peaking at 0.0000045 on news of its placement on Binance, the biggest cryptocurrency exchange. The currency has had a depressing 81% value decline since that time.
According to IntoTheBlock statistics, there is now a substantial concentration of PEPE tokens in whale addresses, making up 41.73% of the entire token supply. The fact that at least 1% of the circulation of PEPE coins is held by these whale addresses emphasises the potential market impact of insider trading.
