A massive PEPE coin purchase by three wallets has captivated the crypto community.

Market data shows that the three wallets bought 689.79 billion PEPE tokens, worth about $4.3 million, within 11 hours.

The crypto community has been buzzing with activity following a massive PEPE coin purchase by three wallets.

According to Lookonchain, the three wallets bought 689.79 billion PEPE tokens, worth about $4.3 million, within 11 hours.

This large-scale purchase quickly pushed the meme coin’s price up by 7%, bringing renewed attention to the token.

The three wallets, 0x7A7D, 0x9212, and 0x7779, made very large purchases. For instance, in order to acquire 437.7 billion PEPE, 0x7A7D spent 1,413.4 ETH, which is worth $2.72 million.

On the other hand, 0x9212 bought 158.58 billion PEPE for $1 million.

Also, in order to purchase 93.51 billion PEPE, 0x7779 spent 299 ETH, which is valued at $574,000.

These purchases come some weeks after investors have been holding back from purchasing the coin, especially following the Bybit hack.

The biggest takeaway is that the funds used to buy PEPE came from Tornado Cash.

The crypto mixer is used by some to enhance privacy but has also been linked to illicit activity, such as money laundering.

In August 2022, the U.S. 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 subject of controversy in the digital asset industry.

While it is used by some to enhance privacy, 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.