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The meme-inspired cryptocurrency Pepe (PEPE) has taken an unexpected hit, losing 20% of its value. This comes after some worrying events that have left the crypto community uneasy.
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There are worries about the safety of a multisig wallet, strange token movements, and the possibility that the coin’s creators might execute a sudden value drop.
Pepe (PEPE), famous for its frog meme theme, dropped 20% in value, causing uncertainty in the crypto world. Around $16 million worth of Pepe tokens were shifted from developers’ wallet to exchanges, raising suspicions that they might sell their holdings. This could disrupt the coin’s worth and impact investors.
Adding to worries, changes were made to the security rules of the multisig wallet. Initially needing five out of eight signatures for transactions, it now asks for only two out of eight. This has sparked thoughts that the developers might be preparing to leave, allowing quick transfers without widespread agreement.
Rug Pull Fears Rise with Unusual 16 Trillion Pepe Token Transfer
Significant amounts of Pepe tokens were sent to various exchanges: $8.36 million to OKX, $6.6 million to Binance, and $438,000 to Bybit. Another $400,000 went to an unknown destination, adding to the intrigue. Notably, about $10.42 million worth of Pepe tokens remain in the multisig wallet.
The transfer of a massive 16 trillion Pepe tokens, equal to roughly 4% of the total supply, to exchanges and an undisclosed wallet has raised concerns in the community.
This marks the first time Pepe tokens have been moved from the project’s multisig wallet to a crypto exchange, sparking suspicions of a “rug pull” – a scenario where developers sell their holdings, causing the coin’s value to crash and harming investors.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
