The value of Pepe, the memecoin with a frog-themed twist, faced a decline of around 15% due to recent alterations in a multisig wallet and concerns over possible developer manipulation.
In response, a substantial holder of PEPE tokens stepped in and spent 320 Ethereum, equivalent to $529,000, to acquire a staggering 640 billion PEPE tokens.
The transaction details emerged through a post shared on X (previously known as Twitter) by the on-chain analytics platform Lookonchain.
The post further disclosed that the whale secured the PEPE tokens at an average purchase price of $0.000001163.
This whale, continuing its prior moves, continued to make an impact on August 25, adding to its previous transactions.
On June 5, 2023, the same whale utilized 280 Ethereum (approximately $507,000) to acquire 500 billion PEPE tokens.
Moreover, on May 6 of this year, the whale invested 253 Ethereum (equivalent to $481,000) to obtain 164 billion PEPE tokens.
Seizing the potential offered by PEPE’s reduced price following a significant sell-off, this specific whale appears to have acted swiftly.
The memecoin saw a surge in selling activity, which might have prompted the whale’s decisive move. The turmoil stemmed from changes applied to a multisig wallet managed by developers.
Alterations were made to this wallet, initially housing PEPE tokens worth $10 million, leading to a reduction in the required transaction signatures.
This modification lowered the requirement from five out of eight signatures to a mere two, triggering immediate suspicions.