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PEPE has skyrocketed 1,000 times. Are those buyers rats or lucky ones?

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Some wallets bought 10 percent of the tokens within minutes of going live, raising questions about whether the wallets were rats.

An Ape's Prologue, encryption KOL

PANews

Meme currency PEPE soared 1,000 times in just four days, and some users started from scratch. Crypto KOL An Ape's Prologue found some wallets that cost a total of 0.61ETH (about $1,210) and managed to earn over $9 million - 7,500 times return. The timing of the purchase, however, is odd:

While analyzing the distribution of transactions on Uniswap V2, we found some unusual activity. In just a few minutes after the tokens began trading, a group of newly minted wallets bought Pepes and still held on to them. Together, they control nearly 10 percent of the total supply.

First, a group of seven wallets funded by Fixed Float trading platform bought a total of 17.7 megabytes of PEPE at a cost of about 0.34ETH and now has an unrealized profit of $5.5 million.

Second, two wallets from the ChangeNOW exchange. A total of 5 megabytes of PEPE tokens were purchased at a cost of 0.1ETH, currently worth about $1.5 million.

Third, an initial funding came from ByBit's funding address, and then approximately 0.17 ETH was distributed across four wallets, buying a total of approximately 6.2 trillion tokens for a current profit of $2.2 million.

This behavior raises questions about whether the wallets belong to insiders or development teams, as not only did they buy at the perfect time, but they still held a considerable amount of tokens in the wallets after a massive 1,000-fold increase.

It's worth noting that even if they sold 10% of the tokens they held, it would be enough to send the tokens crashing completely due to the poor liquidity available on the chain. It is therefore vital for the current holders to monitor the movements of these whales.

Taken together, while it's impossible to say for sure that these wallets belong to insiders, their actions certainly raise questions. Given the nature and history of Meme coins, it would not be surprising if they are confirmed.

On the other hand, it is impressive that these wallets have shown strong conviction to hold on to their positions even after a massive 1,000-fold gain.

It's worth noting, however, that the site where PEPE was first purchased was blacklisted by the developer five days ago, according to a tweet from observer 0xBobie on the chain. 0xBobie speculates that PEPE developers blacklist addresses that are considered bots. Address 0 xaf2358e98683265cbd3a48509123d390ddf54534 blacklisted.