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Prominent crypto intelligence project Lookonchain has reported a staggering development involving the sale of 972.84 billion PEPE coins by address "0x1497" for 514 ETH, valued at $848,000. The transaction raises suspicions of insider involvement, considering a previous incident in which the same address swiftly purchased 2.27 trillion PEPE coins during the coin's initial trading phase. Following the recent sell-off, PEPE coin's value has experienced a further decline, with drops exceeding 5% at times, casting doubt on its future prospects. Over the past 40 days, PEPE coin has seen an 81% loss in value since its peak after being listed on Binance. Notably, whale addresses hold a significant concentration of PEPE tokens, accounting for 41.73% of the total token supply, potentially amplifying the impact of insider activity.
