The crypto community has been abuzz with news of a large PEPE coin purchase, raising several questions and concerns.
PEPE Accumulation and Market Reactions
According to Lookonchain, three wallets made substantial purchases. Wallet 0x7A7D spent 1,413.4 ETH on 437.7 billion PEPE, while Wallet 0x9212 bought 158.58 billion PEPE for $1 million. Wallet 0x7779 acquired 93.51 billion PEPE for 299 ETH. These purchases quickly raised PEPE's price by 7%, drawing renewed attention to the token.
Tornado Cash Connection and Possible Bybit Links
Tornado Cash, which provides anonymity, was used by these wallets, raising questions about the origin of funds. One theory suggests a connection to a hack involving Bybit. In 2022, OFAC sanctioned Tornado Cash, though the decision was overturned later in 2024.
Is PEPE Coin at Risk of a Selloff?
The future remains uncertain. If whales hold PEPE long-term, prices could rise. However, a quick sell-off might cause a decline. Regulatory scrutiny could also affect market confidence.
For now, PEPE remains stable, but the situation is unpredictable. The crypto market is watching these wallets closely.
