- Three wallets acquired 689.79B PEPE worth $4.3M.
- All funds originated from Tornado Cash, an anonymity tool.
- The purchases could indicate whale accumulation or market manipulation.
In the last 11 hours, three crypto wallets made significant purchases of PEPE, a popular Meme coin, spending a total of $4.3 million. The transactions have raised curiosity in the crypto community as all the funds originated from Tornado Cash, a cryptocurrency mixer known for providing transaction privacy.
The wallets involved are:
- 0x7A7D: Spent 1,413.4 ETH (worth $2.72M) to acquire 437.7B PEPE.
- 0x9212: Spent $1M to buy 158.58B PEPE.
- 0x7779: Spent 299 ETH ($574K) to purchase 93.51B PEPE.
Are Whales Accumulating PEPE?
The movement of large sums into PEPE suggests that these wallets could belong to crypto whales looking to accumulate the token at current price levels. PEPE, known for its volatility and meme-based appeal, has attracted substantial speculative interest. If these wallets belong to a single entity, it could indicate a strategic move to gain control over a significant supply of PEPE.
Tornado Cash Connection Raises Questions
The fact that the funds came from Tornado Cash raises questions about the buyers’ intent. Tornado Cash has been a topic of controversy due to its use in anonymizing transactions, sometimes linked to illicit activities. However, it is also used by privacy-conscious traders who do not wish to disclose their financial movements.
Whether these purchases are for investment purposes or Market manipulation remains unclear, but the crypto community will be closely watching for any further movement of these tokens.
