Just one address sold almost 14% of meme token’s supply, and data shows it could be tied to developer
A mysterious PEPE whale was found to have sold a significant portion of the token’s supply. The individual has sold approximately 800 billion PEPE tokens, which equates to 14% of the entire PEPE supply. This has led to speculation that the whale in question could potentially be a developer involved with the project.
According to data gathered by on-chain analysts, the Pepe whale has been strategically selling off their tokens whenever the price of PEPE increases. Just recently, the individual sold 100 billion PEPE tokens for 21 ETH (equivalent to $40,000) at a price of $0.0000004007 per token.
This guy sells $PEPE every time the price of $PEPE increases.
He sold 100B $PEPE for 21 $ETH($40K) at $0.0000004007 just now.
So far, he has sold 800B $PEPE (14% of all $PEPE) and got 117 $ETH ($221.5K), with an average selling price of $0.0000002744.https://t.co/tn1YWvldAi pic.twitter.com/FyBRzH2RSj
— Lookonchain (@lookonchain) April 29, 2023
So far, the mysterious seller has accumulated 117 ETH (worth approximately $221,500) from their token sales, with an average selling price of $0.0000002744 per PEPE.
The fact that this whale has been systematically offloading their tokens has fueled speculations that they could be a developer or someone closely associated with the project.
In the past, we have seen instances where developers or insiders have dumped significant portions of tokens on the market, either to cash out or to manipulate the token’s price. The timing and strategic nature of the sales in this case suggest that the seller might have intimate knowledge of the token’s market dynamics.
However, it is essential to approach such speculation with caution. It is possible that the mysterious Pepe whale is simply an investor with a large holding who is taking advantage of price movements to maximize their profits.
Regardless of the seller’s identity, it is crucial for investors to keep a close eye on the PEPE market and be aware of any potential red flags. If the whale is indeed a developer or someone with insider knowledge, their actions could have a significant impact on the token’s price and overall market sentiment.
Source: https://u.today/this-pepe-whale-sold-14-of-pepe-supply-could-be-developer