According to LookOnChain, a wallet address “0x1497,” has sold all of its 972.84 billion Pepe (PEPE) holdings. The tokens were sold at a price of $0.0000008718. The nearly one trillion tokens were sold for a total of 514 ETH, equivalent to about $848,000.
Lookonchain has expressed concerns about the involvement of a potential insider from the Pepe coin side following the sale. This notion is supported by data from an earlier incident that happened in April before the infamous memecoin rally. During that time, the same address acquired 0.58 ETH from the FixedFloat crypto exchange. The wallet used it to buy 2.27 trillion PEPE coins in just 10 minutes of the coin’s debut trading phase with 0.027 ETH, or $58.
Let’s say that the wallet got about one trillion tokens for $29. This means that it made a profit of $847,971. This represented a growth of 2923937.93%.
Can Pepe Coin rise again?
The value of PEPE has fallen another 2% after the purported insider’s latest sell-off. The price of the coin has been falling over the last 40 days, peaking at 0.0000045 following news of its listing on Binance. The coin has had an 81% decline in value since then.
According to IntoTheBlock data, there is a substantial concentration of PEPE tokens in whale addresses. Large addresses hold up to 66% of the total token supply. The fact that such a large number of the circulating PEPE coins is held by whale addresses emphasizes the potential market impact of insider trading.
Whether Pepe can rebound from current levels, depends on a lot of factors. However, the token does not check all the boxes needed for a viable crypto project. It does not have any use case, nor is it accepted in a lot of places as a form of payment. The project appears like a “get-rich-quick” project, utilizing the “meme” element of internet culture.
Furthermore, LunarCrush data shows that although social mentions are up, engagements have dropped by 36.9%. This means that investors are not engaging with online posts about the asset. At press time, Pepe was trading at $0.000000844882, down by 9.2% in the last 24 hours.