PEPE coin early adopter acquires 1 trillion tokens despite rug pull allegations
- 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.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
