Pepe (PEPE) Price Plunges Amidst "Rug Pull" Concerns and Token Transfers
Summary:
The price of Pepe (PEPE) has dropped nearly 15% amidst concerns of a potential rug pull by its developers. $16 million worth of Pepe tokens were sent from the developers' wallet to exchanges, leading to allegations and negative price action. The wallet address transferred 16 trillion tokens, equivalent to 3.8% of the total supply, to three exchanges and an unknown wallet. The developers also modified the multisig wallet, reducing the required number of signatures. This marks the first time Pepe tokens have been sent from the wallet to exchanges, raising questions about its future prospects.
The price of the meme-based cryptocurrency Pepe (PEPE) has experienced a significant drop of nearly 15% due to concerns of a potential "rug pull" by the developers following recent changes to a multisig wallet and token transfers. On August 24th, approximately $16 million worth of Pepe tokens were sent from the developers' multisig wallet to various crypto exchanges, triggering these allegations and contributing to the negative price action. Safe Global, a blockchain custody app, reported that the wallet address transferred 16 trillion Pepe tokens, equivalent to about 3.8% of the total supply, to three exchanges and an unverified wallet address. Among the transfers, $8.2 million worth of Pepe went to OKX, $6.5 million to Binance, and $434,000 to Bybit, with an additional $400,000 sent to an unknown wallet. Following this transfer, the developers modified the team's multisig wallet by reducing the required number of signatures from five out of eight to two out of eight, despite the wallet still holding $10 million worth of Pepe. It is important to note that this is the first instance of Pepe tokens being sent from the project's multisig wallet to exchanges. Some investors had previously touted Pepe as the next prominent meme cryptocurrency, anticipating it to surpass the original memecoin, Dogecoin (DOGE), in the next bull run. However, these recent movements of funds have cast doubt on this belief for some.
Published At
8/24/2023 11:57:44 PM
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