According to the data, some mysterious whales have earned a lot of money from the Pepe (PEPE) meme token, which has been busy with the pumps they have experienced recently.
Starting from a very low total market cap according to price data, PEPE has increased by more than 1000x in approximately 4 days.
Analysts studied the behavior of the mysterious whales in question.
PEPE Token Has Unusual Whale Activity
Several wallets have been identified that managed to raise over $9 million at an average cost of 0.61 ETH ($210). This indicates that the whales in question have made a profit of approximately 7500 times.
However, analysts also detected some unusual activity while examining PEPE trading data on UniSwap. According to the data, as soon as the PEPE token was released by the developers, some newly created wallets bought PEPE within minutes.
The wallets in question did not sell their tokens and still hold them. These wallets control 10% of the PEPE altcoin supply.
Initially, a group of seven wallets funded on the Fixed Float exchange purchased a total of 17.7 trillion PEPEs at an average cost of 0.34 ETH, with these wallets currently generating unrealized profits of $5.5 million.
Second, there are two wallets funded by the ChangeNOW exchange.
They have purchased a total of 5 trillion PEPE tokens at an average price of 0.1 ETH and have a portfolio value of $1.5 million.
Third, an organization initially funded by ByBit and then distributing $0.17 ETH to four wallets has purchased a total of 6.2 trillion tokens and has now made a profit of $2.2 million.
This behavior raises questions as to whether these wallets are owned by insiders or the dev team, because not only did they have perfect timing, but they still hold significant amounts of tokens after a significant 1000x rally.
It is important to note that due to the scarcity of liquidity available on-chain, the sudden drop of the token would be enough if they were to sell even 10% of their holdings.
Therefore, it is very important for current token holders to monitor the activities of these whales.
As a result, while it is not possible to verify that these wallets belong to insiders, their behavior certainly raises questions.
*Not investment advice.
