Token

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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/altcoin/pepe-coin-sees-20-drop-unusual-token-transfers-raise-rug-pull-concerns/">PEPE Coin Sees 20% Drop: Unusual Token Transfers Raise ‘Rug Pull’ Concerns</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The world of cryptocurrencies is witnessing a surprising twist as the meme-coin Pepe (PEPE) experiences a sudden 20% drop in its value, following a series of significant occurrences that have left the cryptocurrency community shaken. The situation has raised concerns about the security of a <a href="https://twitter.com/asxn_r/status/1694827857694924924" rel="noopener noreferrer nofollow">multisig wallet</a>, unusual token transfers, and the potential for a “rug pull” orchestrated by the coin’s developers.</p> 
<h2 id="pepe-coin-is-in-big-trouble" data-name="pepe-coin-is-in-big-trouble" class="wp-block-heading"><strong>Pepe Coin is in Big Trouble</strong></h2> 
<p><a href="https://coinmarketcap.com/currencies/pepe/" rel="noopener noreferrer nofollow">Pepe (PEPE)</a>, known for its frog-themed meme, has seen its price plummet by 20%, creating a wave of uncertainty in the crypto space. The situation began when an astonishing $16 million worth of Pepe tokens was moved from the developers’ multisig wallet to various cryptocurrency exchanges.&nbsp;</p> 
<p>This eyebrow-raising maneuver ignited suspicions that the developers might be considering offloading their holdings, potentially destabilizing the coin’s value and affecting investors.</p> 
<h2 id="unconventional-shifting-of-security-protocols" data-name="unconventional-shifting-of-security-protocols" class="wp-block-heading"><strong>Unconventional Shifting of Security Protocols</strong></h2> 
<p>Adding to the concern, <a href="https://twitter.com/asxn_r/status/1694827857694924924" rel="noopener noreferrer nofollow">modifications were made</a> to the security protocols of the multisig wallet. Formerly requiring five out of eight signatures for transaction approvals, the wallet now only demands two out of eight signatures.&nbsp;</p> 
<p>This alteration has given rise to speculations that the developers could be planning an exit strategy, facilitating rapid transfers without needing broad consensus</p> 
<h2 id="fear-of-rug-pull-rises-as-unconventional-16-trillion-pepe-token-transfer-occurs" data-name="fear-of-rug-pull-rises-as-unconventional-16-trillion-pepe-token-transfer-occurs" class="wp-block-heading"><strong>Fear of Rug Pull Rises as Unconventional 16 Trillion Pepe Token Transfer Occurs</strong></h2> 
<p>Delving further into the details, sizable amounts of Pepe tokens were <a href="https://twitter.com/asxn_r/status/1694827859657834935" rel="noopener noreferrer nofollow">transferred</a> to multiple exchanges including $8.36 million to OKX, $6.6 million to Binance, and $438,000 to Bybit.&nbsp;</p> 
<p>Another $400,000 made its way to an undisclosed exchange or wallet, creating additional layers of intrigue. Notably, approximately $10.42 million worth of Pepe tokens is still held within the multisig wallet.</p> 
<p>The movement of a staggering 16 trillion Pepe tokens, equivalent to approximately 4% of the total supply, to exchanges and an <a href="https://etherscan.io/tx/0xdae4224f5290a505aa61aee022f892650c171594bbf347ce1dcf2c86c8879676#eventlog" rel="noopener noreferrer nofollow">undisclosed wallet address</a> has heightened concerns within the community.&nbsp;</p> 
<p>Since it is the first time Pepe tokens have been transferred from the project’s multisig wallet to a cryptocurrency exchange, raising suspicions of a “rug pull,” a process where developers withdraw their holdings after selling the project, causing the coin’s value to plummet and investors to suffer losses.</p>

PEPE Coin Sees 20% Drop: Unusual Token Transfers Raise ‘Rug Pull’ Concerns

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