Hassan Maishera
TL;DR
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PEPE has lost 16% of its value over the last 24 hours as investors are concerned about a potential rug pull.
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The concerns stemmed from a strange transaction that saw over $16 million worth of PEPE tokens moved from a wallet.
Weird Transaction Sparks Fears Of Rug Pull
The meme token, PEPE, is the worst performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours. PEPE has lost more than 15% of its value over the last few hours, underperforming compared to the broader crypto market.
The price crash came following a weird transaction that got investors concerned about the project. Investors are concerned about a potential rug pull after $16 million worth of PEPE tokens were sent from the developers’ multisig wallet to various crypto exchanges on August 24.
1/4
— ASXN (@asxn_r) August 24, 2023
1 hour ago, the Pepe multisig wallet, changed the amount of signatures required on their multisig from a 5/8 to 2/8. This comes after sending $15.7 million worth of $PEPE to exchanges.
A breakdown of what we know: pic.twitter.com/bxBxp6Nzqz
The wallet address transferred 16 trillion PEPE tokens, accounting for 3.8% of the total token supply. Data obtained from the blockchain custody app Safe Global revealed that $8.2 million worth of Pepe was sent to OKX, $6.5 million to Binance and $434,000 to Bybit, while an additional $400,000 was transferred to an unknown wallet.
Following the transfers of these tokens, the project developers made weird changes to the team’s multisig wallet. In the past, five out of eight signatures were needed before the wallet could make transfers. However, this has been changed to just two signatures.
With PEPE losing more than 15% of its value in the last 24 hours, it is now trading at $0.0000009241 per token.
The broader crypto market has experienced a mixed performance over the last 24 hours. Bitcoin is down by roughly 1% in the last 24 hours and continues to maintain its price above the $26k level.
The total cryptocurrency market cap currently stands at $1.05 trillion, down by 1% in the last few hours.
