Buy or Sell? Mysterious Wallets Hold 10% of PEPE Tokens After Unprecedented 1000x Surge — Whales or Insiders? | by LBank Exchange | Apr, 2023

From the LBank blog.

However, the timing of these purchases raises questions about whether these wallets belong to insiders or merely fortunate individuals.

A group of wallets, new to the platform, bought PEPE tokens and still hold them, collectively controlling nearly 10% of the total supply. These wallets can be categorized into three groups:

  1. Seven wallets originating from the Fixed Float exchange platform purchased 17.7 trillion PEPE tokens for a cost of approximately 0.34 ETH. These wallets now have an unrealized profit of $5.5 million.

2. Two wallets from the ChangeNOW exchange platform bought 5 trillion PEPE tokens for a cost of 0.1 ETH, currently valued at around $1.5 million.

3. A wallet initially funded by ByBit, which then distributed about 0.17 ETH across four wallets, collectively bought approximately 6.2 trillion tokens, yielding a profit of $2.2 million.

It’s worth noting that due to poor on-chain liquidity, selling just 10% of their holdings could cause the token’s value to plummet, making monitoring these “whale” wallets crucial for current holders.

While it’s impossible to confirm whether these wallets are indeed insiders, their actions certainly raise suspicions.

Given the nature and history of Meme coins, it wouldn’t be surprising if these suspicions were eventually confirmed.

As the crypto community keeps an eye on their activities, further developments may provide insights into whether these wallets are merely lucky investors or insiders benefiting from privileged information.

The recent listing of PEPE on LBank (@pepecoineth) adds more legitimacy to the token, potentially leading to increased interest and trading volume.

As more information comes to light and the market continues to evolve, the story of these mysterious wallets and their connection to PEPE’s explosive growth is sure to capture the attention of both the crypto world and beyond.

Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.

This article came directly from the LBank blog, found on——2

Latest News