Five wallets collectively spent $4.28 million to acquire 611 billion PEPE tokens within an eight-hour window in a potentially suspicious move. As noted by Lookonchain, all five wallets previously took out substantial amounts of Ethereum from Tornado Cash, a cryptocurrency mixer frequently used to hide the origins of transactions, totaling about 99.5676 ETH, or $181,430, each.
Source: X Post
According to Lookonchain analysis, the exchange experienced over $1.26 million in outflows in two separate remittance transactions on March 31st and during the beginning hours of April 1st. Auditors are concerned about the multiple Tornado Cash item withdrawals, as this service has been involved in different theft cases and money laundering schemes.
Moreover, the frequency of uniform withdrawal transactions, along with the brief UTC time window between 23:38 and 00:06, highlights probable collaboration between parties. Three wallet addresses, 0x5D05, 0x53ab, and 0xf9ef, participated in PEPE transactions and possess significant holdings of this coin.
Since the incident, the frog-themed meme coin price surged by more than 2% during the previous day to reach a market value of $0.000007380. Besides, the trading volume of PEPE reached $513.92M in the same duration, following a 4.40% rise.
This indicates an increase in PEPE’s market activity, which hints at a positive sentiment surrounding the token. However, as market experts anticipate, is this the commencement of the much-awaited bull run?
PEPE Price Prediction: Bullish Setup Forms Near Support Zone
According to market analyst BOBO, the frog-themed meme coin seems to be staging a possible trend reversal following months of declining price action. The analyst observed PEPE forming a double bottom “W” pattern on the four-hour chart that indicates a shift toward bullishness.
PEPE/USDT 4-Hour Chart (Source: X Post)
This pattern developed between two crucial price points during a market decline. The lows, in particular, match the established weekly support levels, which appear as thick white support bands in the chart. The spike in trading volume near those price lows reinforces the token’s bullishness, showing that potential buyers are actively building their positions at these levels.
On the other hand, the neckline resistance sits just above, around the 0.000009 level. BOBO forecasts that if PEPE can successfully break above this resistance zone, highlighted by the horizontal gray band, it would confirm the reversal and potentially initiate a new uptrend.
BOBO goes on to acknowledge that such an event could portray a potential entry. “If price can break out from here, it could confirm a major trend reversal. That would be a strong signal for a potential entry.”
Also Read: Amid Money Laundering Charges, Crypto Exchange eXch to Shut Down
