In a surprising twist, the meme coin market is in turmoil due to an alleged insider selling 972.84 billion PEPE coins. This has caused a ripple effect of shock among the crypto community. The sale, worth $848,000, has raised suspicions about the involvement of someone within the Pepe coin team. This development has worsened the downward trend that the PEPE coin has experienced over the last 40 days, resulting in an 81% drop in value since its peak when it was listed on Binance.
Crypto intelligence project Lookonchain has shed light on the alleged insider’s actions, revealing a previous incident in April that adds weight to the suspicions.
Address 0x1497 sold all 972.84B $PEPE for 514 $ETH ($848K) ~2 hrs ago, the selling price was $0.0000008718.
— Lookonchain (@lookonchain) June 15, 2023
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
The address “0x1497” received funds from the FixedFloat crypto exchange and promptly used a portion of the received funds to buy an astonishing 2.27 trillion PEPE coins in just 10 minutes during the initial trading phase of the coin. This sequence of events, combined with the recent sell-off, has raised concerns about the impact of insider activity on the market.
Following the insider’s sell-off, PEPE coin experienced an additional 2% decline in value, with occasional drops surpassing 5%. This significant decrease casts a shadow of uncertainty over the prospects of the coin. It is important to note that the PEPE coin had already been on a downward trajectory, witnessing a continuous decline for the past 40 days. The coin’s value peaked at 0.0000045 after news of its listing on Binance but has since suffered a disheartening 81% loss.
Whale addresses possess a minimum of 1% of the total PEPE coin supply, highlighting the potential influence of insider actions. The concentration of ownership raises concerns regarding the coin’s susceptibility to significant sell-offs and the impact of a small number of powerful individuals on its value.
As the PEPE coin grapples with the aftermath of the alleged insider sell-off, the meme coin market faces increased scrutiny. Investors and enthusiasts closely monitor the situation, eager to see how the market recovers from this latest blow. The concentration of PEPE tokens in whale addresses adds complexity to the coin’s future, underscoring the need for transparency and fair practices to restore trust in meme coins.
The PEPE/USD pair is trading in a descending channel after plunging by over 40% in the past month. The meme coin is trading at $0.000000000536 after a sharp dip from a daily high of $0.0000000009097. Looking at the daily chart, PEPE/USD is bouncing off the lower band of the descending channel and appears to be forming an ascending triangle pattern. Therefore, a breakout from this triangle structure could soon set up a new trend.
An alleged insider’s massive sell-off of PEPE coins has sparked concerns about the meme coin market. PEPE coin’s value has experienced a significant decline, compounded by the recent sell-off, prompting investors to question its prospects. The concentration of PEPE tokens in Whale addresses further highlights the potential influence of insider activity on the market. As the situation unfolds, the meme coin market must navigate these challenges and work towards restoring confidence and stability.
