• The price of Pepe (PEPE) has dropped 20% in the past 24 hours due to changes made to its multisig wallet and suspicions of a team dump.
• Meanwhile, PepeCoin Cryptocurrency (pepecoin) has seen its price surge 375%, leading to growth for other low-cap meme coins.
• $16 million worth of PEPE was transferred from the development team’s multisig wallet without warning, sparking fears that they are planning a rug pull.
Price Drop of PEPE
The price of Pepe (PEPE) has plummeted 20% in the past 24 hours amid controversy over changes to its multisig wallet. This sparked fears that the developers were planning a rug pull by selling off their token holdings. Unsurprisingly, this caused investors to panic and sell off their tokens, resulting in the 20% drop in price.
Surge in PepeCoin Price
Meanwhile, PepeCoin Cryptocurrency (pepecoin), the original Pepe the Frog-themed token created in 2016, has seen its price surge 375% in the same time frame as investors switch to alternative coins. This price surge for pepecoin has also led to growth for other low-cap meme coins – with Sonik Coin (SONIK) and Wall Street Memes (WSM) being the primary beneficiaries.
Unexpected Token Transfer
Suspicious Token Transfers from Dev Wallet Send PEPE Price Crashing Around $16 million worth of PEPE was unexpectedly transferred from the development team’s multisig wallet to various cryptocurrency exchanges on Thursday. This transfer amounted to 3.8% of the total PEPE supply, marking the first time that tokens had been withdrawn from the developers’ wallet to external trading platforms. Compounding these fears was that the number of required signatures to approve transfers from the multisig wallet was reduced from five to just two. At the time of writing, over $9.6 million worth of PEPE is still held in the wallet, with investors now on high alert regarding the coin’s future.
Team Dump Suspicions
These surprise transfers and changes t