- Five wallets, possibly linked to a hacker, purchased 611 billion PEPE tokens worth $4.28 million, raising suspicions in the crypto community.
- PEPE’s price remains indecisive, with key technical indicators signaling potential declines or a break toward higher levels.
In an unexpected twist, five wallets potentially tied to a hacker have purchased a staggering 611 billion PEPE tokens—valued at $4.28 million—according to on-chain analytics platform Lookonchain. This massive accumulation occurred as PEPE, the meme coin inspired by the iconic internet frog, hovered at a price of $0.0000073 after facing resistance at the 50-day Exponential Moving Average (EMA).
The wallets in question have drawn attention due to their past interactions with Tornado Cash—a notorious Ethereum mixer often used to obscure illicit fund flows. Transactions linked to Tornado Cash are typically flagged due to their association with money laundering and hacks, raising concerns over the true intent behind the PEPE purchases.
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The sudden move has sparked speculation within the crypto community: Is this the beginning of a coordinated price play, or a hacker attempting to wash funds under the cover of meme coin volatility?
From a technical standpoint, PEPE’s outlook is murky. After breaking above a descending trendline on April 9, the token rallied 11% before being rejected at $0.0000078 on Sunday. It has since dipped by 6%, now hovering near $0.0000070.
The Relative Strength Index (RSI), a key momentum indicator, sits around the neutral 50 mark—signaling indecision among traders. If PEPE fails to hold above the support level of $0.0000064, analysts warn it could revisit the March 11 low of $0.0000052. Conversely, a break above the 50-day EMA might propel it toward the February 14 peak of $0.00001.
With its future uncertain and possible hacker involvement swirling in the background, PEPE’s price movement over the next few days will be closely watched. Whether this surge in buying is part of a wider manipulation scheme or just speculative frenzy remains to be seen—but one thing is certain: PEPE is back in the spotlight.