A wallet linked to one of the earliest Pepe ($PEPE) investors has bought another 45.08 billion tokens, spending roughly $206.5K, shortly after the hacker behind the Binance security breach fi
A wallet linked to one of the earliest Pepe ($PEPE) investors has bought another 45.08 billion tokens, spending roughly $206.5K, shortly after the hacker behind the Binance security breach finished selling the memecoin.
The wallet, known as dimethyltryptamine.eth, used decentralized aggregators to make the purchase, according to @arkham data. It was funded by selling 600K $SPX tokens worth about $212.16K. The entity now holds $10.3M in assets, of which $10.19M is in PEPE.
The buy came after the Binance hacker sold off a large PEPE position. Crypto.news reported that the sale followed the October 29 security breach at Binance, in which attackers gained unauthorized access to exchange-controlled wallets. The outlet put the reported hacker sales at $31.66 million, while Coingape cited Whale Alert data showing the attackers moved 7 trillion PEPE, valued at about $34 million.
Crypto.news said PEPE's price fell despite the whale's purchase. Bybit data showed PEPE trading around $0.00000462 on October 30, with a market capitalization of $1.94B and a 24-hour decline of about 8%.
The wallet has been closely watched since the early days of the token. It invested just 0.125 ETH, worth about $251 at the time, into PEPE via Uniswap V3 in April 2023. That bought 5.9 trillion PEPE, which at its peak was worth $100 million, TokenPost reported.
Blockchain analytics firm Lookonchain flagged the latest purchase and tied it to the end of the hacker's sell-off, according to TokenPost.
Large wallet purchases after sharp sell-offs are often read as a sign of conviction from long-term holders, though they do not by themselves indicate where prices will go next. PEPE remains a highly volatile memecoin with no product roadmap, and a single wallet's $206.5K buy is small relative to the token's market capitalization of nearly $2 billion.
The wallet's holdings are also heavily concentrated. With PEPE making up almost all of its $10.3M in assets, its value moves closely with the token's price.
TokenPost: PEPE Trader Buys $206,500 Worth After Lookonchain Ties Sell-Off to Binance Hacker
Crypto.news: PEPE Price Falls Despite $206K Whale Buy After Binance Hacker Dump
Coingape: Pepe Coin Price Prediction as Binance Hacker Dumps 7 Trillion PEPE
