The crypto community has been captivated by a massive PEPE coin purchase.
Market data shows that three wallets bought 689.79 billion PEPE tokens, worth about $4.3 million, within 11 hours.
Historically, this kind of whale activity usually shows strong investor confidence and can trigger a price rally.
However, experts are concerned as these wallets used Tornado Cash, a platform that hides transaction origins.
While not necessarily illegal, it raises questions about the source of funds and the whales’ intentions.
The PEPE Whale Accumulation and Market Reactions
According to Lookonchain, the three wallets made a very large purchase.
For context, Wallet 0x7A7D spent 1,413.4 ETH worth $2.72 million to acquire 437.7 billion PEPE, while Wallet 0x9212 spent $1 million on 158.58 billion PEPE.
Also, Wallet 0x7779 spent 299 ETH valued at $574,000 on 93.51 billion PEPE.
These large-scale purchases quickly pushed PEPE’s price up by 7%, bringing renewed attention to the token.
It is important to add that this large purchase is coming some weeks after investors have been holding back from purchasing the coin, especially after the Bybit hack.
In addition, big whale purchases often create excitement in the market.
When large investors buy in, it usually signals strong confidence, making other traders bullish.
However, the situation is more complicated in this case because the funds came from Tornado Cash.
Tornado Cash is a cryptocurrency mixer that makes it hard to trace transactions.
Some people use it for privacy, but it has also been linked to money laundering and other illegal activities.
For example, in August 2022, the US Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash.
However, the judgment was later overturned by the U.S. Circuit Court of Appeals in 2024.
Since these whales moved their funds through Tornado Cash before buying PEPE coin, some investors are worried about what this could mean for the token.
Tornado Cash Connection and Possible Bybit Links
It is worth mentioning that Tornado Cash has been a controversial platform in the digital asset industry.
While it provides anonymity, hackers and criminals have also used it to loot stolen funds.
In this case, all three wallets used Tornado Cash before purchasing PEPE, which raises questions about why they wanted to hide the origin of their money.
One theory is that these funds might have come from Bybit, a well-known cryptocurrency exchange that experienced a massive hack linked to the Lazarus group.
Some speculate that the funds may have come from the Bybit hack, possibly funneled through Tornado Cash to erase any traces before being used to buy PEPE.
If true, this would mean that a major player is making a move on PEPE but does not want their identity revealed.
Is PEPE Coin at Risk of a Selloff?
The big question now is what happens next. If these whales hold PEPE long-term, the price could continue to rise despite the controversial origin
However, if they bought in just to sell at a higher price, a massive sell-off could be ahead of PEPE.
There is also a risk that regulators could get involved. If authorities begin investigating the wallets linked to Tornado Cash, it could shake investor confidence.
Many traders are closely watching these wallets for any signs of a selloff. The price could drop sharply if they start selling large amounts of PEPE.
For now, PEPE is holding steady, but the situation remains uncertain.
As of press time, market data shows PEPE is trading at $0.000006431 following a 8.26% rally.
The post 3 Whales Buy 689B PEPE Coin, Why Are Experts Concerned? appeared first on The Coin Republic.
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