The value of the meme-inspired cryptocurrency Pepe (ticker: PEPE) has dropped by nearly 15%, sliding to $0.000001. This decline follows recent modifications to a multisig wallet and recent token transfers, which have instigated concerns about the possibility of the developers executing a “rug pull.”
These suspicions, alongside the adverse price movement, emerged after a total of $16 million worth of Pepe tokens were transferred from the developers’ multisig wallet to different cryptocurrency exchanges on August 24th.
Data obtained from the blockchain custody application Safe Global reveals that a wallet address initiated the transfer of 16 trillion Pepe tokens, equivalent to roughly 3.8% of the overall supply. These tokens were sent to three exchanges—OKX received $8.2 million worth of Pepe, Binance obtained $6.5 million, and Bybit received $434,000. Additionally, an unidentified wallet received an extra $400,000 worth of Pepe tokens.
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After the transmission of the 16 trillion Pepe tokens to exchanges, the developers executed a puzzling modification to the team’s multisig wallet. As of the current moment, this wallet retains $10 million worth of Pepe tokens.
Etherscan data illustrates that the wallet’s authorization mechanism has been adjusted from necessitating five out of eight signatures to merely two out of eight signatures. This adjustment dictates the approval process for initiating transfers from the wallet.
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Significantly, the movement of funds represented the inaugural instance in which Pepe tokens were dispatched from the project’s multisig wallet to cryptocurrency exchanges.