PEPE is one of the most popular meme token projects in the crypto market. The value of the PEPE token suddenly went down by 17% this week raising many questions about the future of the meme token. The sudden drop in prices created a FUD in the Pepe community and investors.
There were many Pepe investors and fans that are discussing the possibility of a rug with Pepe. Pepe was trending on X (formerly Twitter) due to an uncertain possibility. There were many meme coins that resulted in a rug pull scam. Due to past experience, many investors were thinking the same about the PEPE.
Why PEPE is down?
The number of signatory wallets required in the multisig wallet of Pepe was reduced to 2/8 which created a FUD between investors. According to the on-chain data, there were trillions of Pepe tokens that have been sold on various exchanges which led to the price drop in Pepe. Usually, when big baggage dumps their holdings the value of tokens can drop.
As we found through the Pepe team’s announcement, it was the job of internal team members that dump the multisig wallet tokens on many exchanges like Binance, OKX, KuCoin, and ByBit led to the sudden drop in the value of Pepe. Pepe Team has also provided the contract address and proof of these transfers that can be seen on Etherscan.
Pepe Team’s Announcement
According to the Pepe Team’s announcement, “A series of unexpected transactions took place from the $PEPE multisig CEX Wallet in which 16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance, Kucoin, and Bybit), and the required signer count was reduced to 2/8 wallets. The multi-sig now sits with 10 Trillion Tokens and one signer remaining.”
As per the Pepe announcement, it was 3 ex-team members who came back behind their backs, logged onto the multisig, stole 16 Trillion/60% of the 26 trillion multi-sig tokens, and sent them to exchanges for sale. After transferring the tokens, the ex-team members removed themselves from the multisig wallet in an attempt to absolve any association with $PEPE. The ex-team members have also deleted all of their social accounts.
an announcement to the $PEPE community:
Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX
Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… pic.twitter.com/iZmXV1TAvw— Pepe (@pepecoineth) August 26, 2023
After such events, it appears that most/all of the tokens stolen from the multisig wallet were quickly sold on OKX and Binance. The Pepe team has tried to assure the investors that the remaining tokens as well as its official Twitter account are in safe hands. Pepe team has promised to maintain transparency as much as possible with the PEPE community.
Source – Telegaon
