Suspicions have been raised after a crypto whale invested in more than 1.29 trillion PEPE tokens.
In fiat currency that would equate to an investment of more than $1.6 million. What makes the transactions more eye-watering is that they all took place within three days.
According to records, this particular whale also secured a further 486 billion PEPE from Wintermute Trading – a FIAT total worth in the region of $600,000.
The large purchases have unsurprisingly raised eyebrows with many in the industry wondering whether dark practices such as insider trading could be blamed for the movement.
Of course, investing in cryptocurrency is nothing new. However, the trading patterns on this particular token are leaving many to question its authenticity.
Meme coins such as PEPE generally rely on the popularity of the associated meme or cultural trend, offering little tangible utility in themselves.
Early investors and sellers often reap substantial profits, while those who mistime their buying and selling opportunities face significant losses.
One such unfortunate investor decided to invest $2.46m into PEPE, acquiring 962.3bn tokens. According to data firm Lookonchain, this investor has already incurred losses of over $500,000.
Similar to other meme coins such as Dogecoin, the price movements of PEPE are highly influenced by market speculation and these investments are sure to have led other investors to buy tokens.