PEPE plunges 15% as strange token movements spark fears of rug pull
According to data from blockchain custody app Safe Global, the wallet address moved 16 trillion Pepe tokens– approximately 3.8% of the total supply– to three exchanges and an unverified wallet address.Data reveals $8.2 million worth of Pepe was sent to OKX, $6.5 million to Binance and $434,000 to Bybit, while an additional $400,000 was transferred to an unknown wallet.Owners of the Pepe multisig wallet transferred 16 Trillion PEPE. Source: Safe GlobalFollowing the transfer of the 16 trillion Pepe tokens to exchanges, the designers made a curious modification to the teams multisig wallet, which at the time of publication still includes $10 million worth of Pepe. Information from Etherscan shows that the wallet now only requires two out of eight signatures– formerly five out 8– to validate whether the wallet needs to make transfers. The change in variety of signatures needed to approve transactions from the multisig wallet. Source: EtherscanNotably, the transfer of funds marked the very first time that Pepe tokens had actually ever been sent from the jobs multisig wallet to exchanges. Related: Is the 25% drop in PEPE, SHIB and APE an indication of a deepening crypto bear market?Many memecoin financiers heralded Pepe as the next major memecoin, with some suggesting that– come the next bull run– the frog-themed meme token was capable of “flipping” the original memecoin, Dogecoin (DOGE). The motions of funds out of the multisig might toss this thesis, for some, into question. Publication: How smart people buy dumb memecoins– 3-point prepare for success
The cost of the frog-themed memecoin Pepe (PEPE) has plunged nearly 15% after recent modifications to a multisig wallet and brand-new token transfers sparked fears of a “rug pull” by its designers. The allegations– as well as the negative cost action– came as $16 million worth of Pepe tokens were sent out from the developers multisig wallet to numerous crypto exchanges on Aug. 24.1/ 41 hour earlier, the Pepe multisig wallet, altered the amount of signatures required on their multisig from a 5/8 to 2/8. This follows sending out $15.7 million worth of $PEPE to exchanges.A breakdown of what we understand: pic.twitter.com/bxBxp6Nzqz— ASXN (@asxn_r) August 24, 2023