Safe

Pepe

Dogecoin

Trillion

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 The price of Pepe has plummeted 15% after developers sent nearly 4% of the memecoin’s total supply to exchanges without warning. 
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<div class="cointelegraph"> 
 The price of the frog-themed memecoin Pepe (PEPE) has plunged nearly 15% after recent&nbsp;changes to a multisig wallet and new <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> transfers ignited <a rel="noopener noreferrer nofollow" title="fears" href="https://thebittimes.com/tag/fears.html">fears</a> of a “rug pull” by its developers.&nbsp; 
 The allegations — as well as the negative price action — came as $16 million worth of Pepe <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s were sent from the developers’ multisig wallet to various crypto exchanges on Aug. 24. 
 <blockquote class="twitter-tweet"> 
 1/4 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— ASXN (@asxn_r) August 24, 2023 
 </blockquote> 
 According to data from blockchain custody app Safe Global, the wallet address transferred 16 trillion Pepe tokens — approximately 3.8% of the total supply — to three exchanges and an unverified wallet address. 
 Data shows $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. 
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 <img src="https://cdn.thebittimes.com/images/2023/08/25/524e143da447efa6eb87f0aa9e265ce6.webp"> 
 <figcaption style="text-align: center;"> Owners of the Pepe multisig wallet transferred 16 Trillion PEPE. Source: Safe Global 
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 Following the transfer of the 16 trillion Pepe tokens to exchanges, the developers made a curious change to the team’s multisig wallet, which at the time of publication still contains $10 million worth of Pepe. 
 Data from Etherscan shows that the wallet now only requires two out of eight signatures — formerly five out eight — to sign off on whether or not the wallet should make transfers. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/08/25/ff5747583bae8542e289b743e5c7f7ef.webp"> 
 <figcaption style="text-align: center;"> The change in number of signatures required to approve transactions from the multisig wallet. Source: Etherscan 
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 Notably, the transfer of funds marked the first time that Pepe tokens had ever been sent from the project's multisig wallet to exchanges. 
 Related: Is the 25% drop in PEPE, SHIB and APE a sign of a deepening crypto bear market? 
 Many memecoin investors heralded Pepe as the next major memecoin, with some suggesting that — come the next bull run — the frog-themed meme <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> was capable of “flipping” the original memecoin, Dogecoin (DOGE). 
 The <a rel="noopener noreferrer nofollow" title="movements" href="https://thebittimes.com/tag/movements.html">movements</a> of funds out of the multisig could throw this thesis, for some, into question. 
 Magazine: How smart people invest in dumb memecoins — 3-point plan for success 
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PEPE plunges 15% as strange token movements spark fears of rug pull

TheBitTimes

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