The recent buying spree of 689 billion PEPE tokens has sparked curiosity among investors and traders due to unusual funding sources and potential strategic plans.
Details of Recent Purchases
According to blockchain data, three wallets tied to Tornado Cash accumulated these massive amounts in a short period. Wallet 0x7A7D executed the largest transaction, spending 1,413.4 ETH ($2.72 million) to acquire 437.7 billion PEPE. Similarly, wallet 0x9212 bought 158.58 billion PEPE for $1 million, while wallet 0x7779 spent 299 ETH ($574,000) to purchase 93.51 billion PEPE.
PEPE Market Analysis
PEPE has been under significant selling pressure, with its price reaching multi-month lows. The technical indicators show bearish momentum, as short-term moving averages are sloping downward. However, this sudden buying spree introduces a new element of uncertainty.
Market Impact and Prospects
The fact that all three wallets sourced funds from Tornado Cash adds a speculative layer. Tornado Cash is often used for privacy-focused transactions, making it difficult to trace the origin of the funds. This raises questions about possible coordinated market actions.
While the recent purchases suggest renewed interest in PEPE, the overall market structure remains bearish. Investors should monitor whether these large buys lead to an actual price recovery or if this is just a temporary uptick in activity.
