The trading price of PEPE has seen a decline of more than 15% after token transfers developed a fear of a rug pull by developers. The suspicions of a possible rug pull rose following the suspicious transfer of PEPE tokens worth almost $16 million from the developers’ multisig wallet to different crypto exchanges.
As per the data shared by the blockchain custody app, Safe Global, the wallet address transferred almost 3.8% of the total supply of the token to three exchanges along with an unverified wallet address.
The shared data clearly highlights that PEPE tokens accounting for $8.2 million were sent to the OKX exchange, whereas $6.5 million was sent to Binance. Furthermore, a sum of almost $434,000 was transferred to Bybit with an additional $400,000 being sent to an unknown wallet.
Following the suspicious transfers, the developers made considerable changes to the team’s multisig wallet which is believed to currently hold PEPE tokens worth almost $10 million. The data shared by Etherscan highlights that the wallet now only requires two out of eight signatures instead of five out of eight to sign off on whether or not the wallet should make any transfers.
Any reason why the PEPE multisig wallet changed the threshold to just 2/8 signatures? Seems weird, this isn't standard right?
Also, seems that some has been sent to exchanges pic.twitter.com/1DVZIOvef8
— CryptoNoddy (@Crypto_Noddy) August 24, 2023
What’s Next for the PEPE Coin?
The recent development has marked the first time that PEPE tokens have been transferred from the project’s multisig wallets to crypto exchanges. At the time of writing, PEPE has declined by a staggering 16.35% over the previous 24 hours. Furthermore, the decline in trading value has pushed the trading price down to $0.0000009179 and the market cap of the meme coin currently stands at the $361 million mark.
Not too long after its launch, several analysts throughout the crypto market regarded PEPE as the next major meme coin. Similarly, they believed that the memecoin would topple over the original memecoin, Dogecoin, in the upcoming bull run following its launch. However, the meme coin has been trading on the downside with the confines of a bearish trend in recent months.
Currently, several analysts believe that the multisig changes to PEPE’s wallet are merely a meaningless FUD and its underlying fundamentals still continue to look good. Furthermore, retail investors are still looking forward to accumulating the coin and more buyers might buy the coin if the price drops a little more. The increase in the rate of the number of holders suggests that the meme coin is on its way to being widely adopted as a proper crypto asset, which might prove beneficial in the upcoming bull run.
