Lookonchain, an on-chain platform, recently reported a significant transaction involving a whale and an altcoin. It sparked potential insider-trading speculation. The whale in question sold all of its 972.84 billion PEPE tokens, raising questions within the crypto community. This transaction comes at a time when the token value has seen a notable drop over the past week. Here are the details…
Altcoin whale mobilizes PEPE stash
According to Lookonchain, the transaction occurred when address 0x1497 sold the entire PEPE token cache. The sale took place for 514 ETH, equivalent to approximately $848,000, with each token for $0.0000008718. This important transaction has led some to question whether the seller has inside information. A further investigation into the matter revealed that the address in question received 0.58 ETH from FixedFloat, a cryptocurrency exchange, part of which, approximately 0.027 ETH (equivalent to $58), was purchased for a staggering 2.27 trillion PEPE tokens. demonstrates that it can be used quickly. Interestingly, this purchase took place just 10 minutes after PEPE started trading.
In a separate incident reported by Kriptokoin.com, another whale suffered a significant loss while trading PEPE. Whale sold 468.5 billion PEPE tokens for 109 ETH (about $ 190,000) and 237.5 thousand USDT, causing the investor to lose a significant 52 percent. These whale-derived token sales further fueled the bearish trend surrounding PEPE. High volume sales by whales intensified the downward pressure on the token value. This trend is clearly reflected in the recent market movements. After the whale’s token dump, the value of PEPE continued to decline, showing the negative sentiment surrounding the token.
PEPE exploded when it was listed on Binance at the beginning of May. Afterwards, however, the bearish movement continued. The general orientation in the market was also very effective in this. Cryptocurrencies such as Bitcoin and Ethereum are losing value. Meanwhile, the value of PEPE has dropped significantly over the past week. However, in just the past hour, the token price has dropped by 1.12 percent, by 5.48 percent in the last 24 hours, and by a significant 17.06 percent in seven days. These significant price movements not only signal a bearish bias for PEPE, but may also reflect broader market sentiment for the token.
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