- PEPE coin early buyer purchased 1.04 trillion tokens worth $951,000 right before the price jump in the meme coin.
- The large wallet investor previously accumulated 2.43 trillion PEPE near the launch and netted a profit of $1.67 million.
- Despite the recent rug pull allegations by the crypto community, the whale continues accumulating PEPE coin.
PEPE coin is facing allegations of a rug pull after insiders were accused of stealing $15 million worth of the project’s tokens. Despite PEPE price decline and allegations, an early adopter of the meme coin jumped in to buy 1 trillion PEPE tokens.
PEPE accumulation by an early adopter would appear to be a sign of confidence in the meme coin.
Also read: Litecoin price recovery likely fueled by Grayscale, 50% increase in transactions
PEPE coin early buyer jumps in to buy 1 trillion meme coins
An early adopter of the frog-themed meme coin acquired 1.04 trillion PEPE tokens late Tuesday night during European hours. Despite speculation in the crypto community of a rug pull, the buyer was undeterred and spent $951,000 in exchange for 1.04 trillion PEPE.
1.04 trillion PEPE coin purchase by the buyer
The buyer has previously acquired 2.43 trillion PEPE tokens worth $60 at the beginning, netting a profit of $1.67 million post-sale. Interestingly, the purchase comes at a time when influencers and crypto analysts in the community are criticizing the PEPE project and accusing it of a rug pull.
The official Twitter handle of PEPE explained how former founding team members stole 16 trillion tokens worth nearly $15 million less than a week ago, leaving the project with a mere 10 trillion tokens in the multisig wallet. Find out more about it here.
Allegations of rug pull
Kenobi, a developer and PEPE investor, called the community to sell the remaining tokens in light of the $15 million theft by the former founding team members.
the @pepecoineth devs used to hold 6% of the $pepe and sold 16T tokens equaling 4% of the supply.
— Kenobi (@OG_Kenobi_Hello) August 24, 2023
No other wallet (besides exchanges) hold more than 0.9% of the supply, except the #pepe dev wallet which now holds 2%
This is long-term bullish for $pepe.
SELL THE REMAINNG 2%!!! pic.twitter.com/0H7ksWtcpZ
NebraskanGooner, a pseudonymous crypto analyst and trader, analyzed PEPE price chart and predicted a further decline in the meme coin. The influencer referred to the project as a “ponzi” and forecasts a drop to 0.
$PEPE
— Nebraskangooner (@Nebraskangooner) August 29, 2023
Descending triangle breakdown/retest and continuation.
Really close to the pattern target.
Potential to go even lower though. https://t.co/DO7gJB25X4 pic.twitter.com/U7xBl887Kt
At the time of writing, PEPE price is $0.00000088 on Binance, down 1.27% in the past 24 hours.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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