Whale dumps all PEPE tokens, triggering insider trading speculations

2023-6-15 12:07

Cryptocurrency whales have increasingly dumped meme coin Pepe lately. Another dip-pocketed investor has sold all its PEPE, triggering speculations of potential insider trading. The wallet sold 972.84B tokens for 514 Ether ($848K). Moreover, the altcoin saw a substantial price dip over the past seven days.

Address 0x1497 sold all 972.84B $PEPE for 514 $ETH ($848K) ~2 hrs ago, the selling price was $0.0000008718.

This guy might be an inside trader.

He received 0.58 $ETH from #FixedFloat and spent 0.027 $ETH ($58) to buy 2.27T $PEPE within 10 minutes of $PEPE starting trading. pic.twitter.com/QflquoJu0l

— Lookonchain (@lookonchain) June 15, 2023 Whales dump PEPE

Lookonchain tweeted that address ox1497 sold all its holdings on Thursday. The wallet dumped 972.84B PEPE coins for 514 Ether (around $484K). The altcoin changed hands at $0.0000008718 during the sale. Meanwhile, the crypto community speculated about possible insider trading.

Lookonchain stated that the trader received 0.58 Ethereum from FixedFloat. He spent 0.027 Ether, approximately $58, to purchase 2.27 trillion PEPE coins. Moreover, the execution happened within 10 minutes after the alt started trading.

Wealthy Pepecoin investors have trimmed their holdings lately. As noted here, a whale sold 468.5 billion PEPE coins at a 52% loss on June 10. The investor dumped his tokens for 109 Ether, about $190K) and 273.5K USDT.

PEPE price outlook

Cryptocurrency prices flashed bearishness over the past day. The digital token industry shed over $40 billion following the latest Fed decision to keep interest rates unaltered. Most assets have lost their crucial value areas after notable price declines.

PEPE has exhibited bearishness over the past seven days, losing 17.07% of its value. Also, the meme coin lost more than 7% over the past 24 hours, changing hands at $0.000000866462.

PEPE recorded impressive price actions in April, scoring listings in different trading platforms. However, the meme coin seemed to have lost its craze lately. The massive sales by whales have magnified the bearish momentum for PEPE.

Considering the current broad market outlook, the token will likely continue its downside in the upcoming session.

The post Whale dumps all PEPE tokens, triggering insider trading speculations appeared first on Invezz.

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