In the wake of the meme token’s meteoric ascent, pepe (PEPE) has plummeted by over 17% in the last 24 hours. Buzz on social media suggests a significant amount of funds held by the development team are being transferred to exchanges. Moreover, alterations have been made to the team’s multi-signature wallet.
Meme Token PEPE Tumbles: Wallet Alterations and Big Moves Ignite Suspicions
Doubts loom over the pepe (PEPE) meme token project amid chatter about hefty sums of PEPE shifting to centralized exchanges. On Thursday, onchain experts from Lookonchain pointed out, “[Four] hours ago, [the] Pepe multisig wallet and Wintermute Trading deposited 17.3T PEPE ($18M) to exchanges. [Three] hours ago, an early buyer of PEPE dumped 1.88T PEPE for 1,010 ETH ($1.68M) on a [decentralized exchange].”
Fast forward to August 25, 2023, Lookonchain delved deeper, revealing that a crypto whale splurged 320 ether on a whopping 640 billion PEPE just three hours prior to the post. Intriguingly, this same whale also amassed billions of PEPE back in June and May. Amidst this frenzied trading activity and intense speculation, it’s been unearthed that modifications have been made to the PEPE team’s multi-sig threshold.
One inquisitive observer asked:
Any reason why the PEPE multi-sig wallet changed the threshold to just 2/8 signatures? Seems weird, this isn’t standard right? Also, [it] seems that some has been sent to exchanges.
Chiming in, onchain expert Zachxbt detailed that PEPE tokens worth $6.5 million found their way to Binance, $8.2 million to Okx, $434K to Bybit, and an additional $389K to an unidentified destination. Since then, PEPE’s value has dwindled by over 17% in a day and 20% over the week. Within the last 24 hours, this meme coin boasted a staggering $294 million in global trade, clinching the 11th spot on Friday in trade volume rankings.
What do you think about the suspicions surrounding the PEPE meme coin project? Share your thoughts and opinions about this subject in the comments section below.