A notable crypto intelligence project called Lookonchain has shared a remarkable update. According to their report, address “0x1497” has purportedly sold an astonishing 972.84 billion PEPE coins for 514 ETH, which amounts to a significant $848,000. This transaction occurred today, with each PEPE coin being sold at a price of $0.0000008718.
The recent sale has raised suspicions among the team at Lookonchain regarding the possible involvement of an insider from the Pepe coin side. They have pointed to compelling evidence, including a previous incident that predates the widely-known meme coin saga. This evidence strengthens their belief in the existence of a potential connection between the insider and the current sale.
Is There Any Hope For PEPE’s Survival?
Back then, the address in question received 0.58 ETH from FixedFloat crypto exchange. Surprisingly, within 10 minutes of the coin’s initial trading phase, the address swiftly spent 0.027 ETH (equivalent to around $58) to acquire an astonishing 2.27 trillion PEPE coins. This rapid transaction activity raised eyebrows and caught the attention of observers.
After the alleged insider’s reported sell-off, PEPE coin has faced a further decline in value, experiencing a significant 2% drop. At certain intervals, the decline even exceeded 5%, casting a gloomy outlook on the coin’s future. In a broader context, PEPE coin has been on a downward trajectory for the past 40 days, reaching its peak at 0.0000045 following its listing on Binance, the largest cryptocurrency exchange. However, since then, the coin has suffered a discouraging 81% loss in value.
According to data from IntoTheBlock, a notable portion of PEPE tokens is concentrated in whale addresses, accounting for 41.73% of the total token supply. These whale addresses possess a minimum of 1% of the overall PEPE coin circulation, emphasizing the potential influence of insider activity on the market.
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