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Recently, changes in a multi-signature wallet and new token transfers have sparked concerns among investors about the development team's potential ""rug pull,"" leading to a sharp price drop of nearly 15% for the frog-themed memecoin Pepe.
These accusations and the negative price movement occurred as on August 24th, $16 trillion worth of Pepe tokens were sent from the development team's multi-signature wallet to various cryptocurrency exchanges. According to data from blockchain custody app Safe Global, the wallet address transferred 160 trillion Pepe tokens (approximately 3.8% of the total supply) to three exchanges and an unverified wallet address.
Data shows that $8.2 million worth of Pepe was sent to OKX, $6.5 million worth of Pepe was sent to Binance, $434,000 worth of Pepe was sent to Bybit, and an additional $400,000 worth of Pepe was transferred to an unknown wallet.
After transferring 160 trillion Pepe tokens to exchanges, the developers made peculiar changes to the team's multi-signature wallet. As of the time of this publication, the wallet still contains $10 million worth of Pepe.
Data from Etherscan shows that the wallet now requires only 2 out of 8 signatures (previously 5 out of 8) to confirm transactions.
It's noteworthy that this fund transfer marks the first time Pepe tokens have been sent from the project's multi-signature wallet to exchanges.
Many memecoin investors have considered Pepe as the next major memecoin, with some suggesting that frog-themed meme tokens could ""flip"" the original memecoin, Dogecoin, in the next bull market. However, the outflow of funds from the multi-signature wallet may cast doubt on this argument for some.
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Post time 31-8-2023 09:35:44
