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.
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.
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.
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.