Main navigation

Massive 1 Trillion PEPE Coin Sell-Off: Alleged Insider Dumps Meme Coin

Thu, 06/15/2023 - 10:07
article image
Gamza Khanzadaev
Crypto insider's massive sell-off plunges Pepe coin (PEPE) and raises concerns about meme coin market
Massive 1 Trillion PEPE Coin Sell-Off: Alleged Insider Dumps Meme Coin
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Lookonchain, a prominent crypto intelligence project, recently reported a staggering development as address "0x1497" has allegedly sold off a mind-boggling 972,84 billion PEPE coins for 514 ETH, equivalent to a substantial $848,000. The transaction took place earlier today, with the selling price of each PEPE coin standing at $0.0000008718.

Pepe (PEPE) Suddenly Jumps 7% as Whale Snaps up Trillions of Tokens

The sale has prompted Lookonchain to raise suspicions about the involvement of a potential insider from the Pepe coin side. Evidence supporting this theory stems from a previous incident in April, preceding the infamous meme coin saga.

During that time, the same address received 0.58 ETH from FixedFloat crypto exchange and swiftly utilized 0.027 ETH, around $58, to purchase a staggering 2.27 trillion PEPE coins within a mere 10 minutes of the coin's initial trading phase.

PEPE to USD by CoinMarketCap

Following the alleged insider's recent sell-off, PEPE has experienced a further decline in value, plummeting an additional 2%. At certain moments, the decline exceeded 5%, casting a dark shadow over the coin's future prospects. In the broader context, PEPE coin has witnessed a downward trajectory for the past 40 days, reaching its peak at 0.0000045 after news of its listing on Binance, the largest crypto exchange. Since then, the coin has endured a disheartening 81% loss in value.

PEPE Aims for 30-Day Plunge, Here's Why

As for now, a significant concentration of PEPE tokens lies in whale addresses, comprising 41.73% of the total token supply, hints IntoTheBlock data. These whale addresses hold at least 1% of the overall PEPE coin circulation, further highlighting the potential impact of insider activity on the market.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.