Pepe

Shockwaves

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The frog-themed crypto currency&nbsp;<a href="https://u.today/pepe-pepe-smashes-big-milestone-as-price-gains-88" rel="noopener noreferrer nofollow">Pepe (PEPE)</a> is seeing a significant price sell-off. At the time of writing, PEPE was down 19% in the last 24 hours to $0.00000088. 
PEPE declines gained traction on Aug. 24, which further accelerated on Aug. 25 as concerns about changes to a multisig wallet and new token transfers surfaced. 
On-chain analytics firm&nbsp;<a href="https://twitter.com/intotheblock/status/1695003944102060168" rel="noopener noreferrer nofollow">IntoTheBlock</a> gives a peek into what transpired on the network ahead of the massive price plunge that started on Aug. 24. 
IntoTheBlock observed a sharp decrease in PEPE held by long-term holders since Aug. 23, indicating selling by holders. 
A chart posted by IntoTheBlock depicted a sharp plunge in balances held by PEPE owners that have held for nearly a year. What was hitherto a straight line on the chart suggesting steady holdings saw a sharp dip on Aug. 23. 
<blockquote class="twitter-tweet"> 
 Shockwaves are hitting <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PEPE</a> holders as news of developers selling assets breaks. Prices have plunged over 20%, with holders rapidly offloading. The chart below shows a sharp decrease in <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PEPE</a> held by long-term holders since August 23rd, indicating selling by holders.… <a href="https://t.co/JSBhwXLR2H" rel="noopener noreferrer nofollow">pic.twitter.com/JSBhwXLR2H</a>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1695003944102060168?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 25, 2023</a> 
</blockquote> 
"Shockwaves are hitting PEPE holders as news of developers selling assets breaks. Prices have plunged over 20%, with holders rapidly offloading. The chart below shows a sharp decrease in PEPE held by long-term holders since August 23, indicating selling by holders," IntoTheBlock analysts noted.&nbsp; 
<h2 id="pepe-token-move-fuels-speculation">PEPE token move fuels speculation</h2> 
Speculation increased on Friday after reports emerged of the <a href="https://u.today/millions-of-xrp-on-move-as-price-weighs-next-move" rel="noopener noreferrer nofollow">PEPE</a> team's address transferring about 16 trillion PEPE tokens (about $15.08 million) to four crypto exchanges, including Binance, OKX and Bybit. 
<blockquote class="twitter-tweet"> 
 PEPE team’s address transferred about 16 trillion PEPE token (about $15.08m) to 4 CEXs . Affected by this, the price of PEPE fell by 15%; In addition, the PEPE multi-signature wallet changed from 5/8 to only 2/8. 6.9% PEPE (29 trillion) of the team wallet, a total of 18.3…— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1694875869255520687?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 25, 2023</a> 
</blockquote> 
In addition, the <a href="https://twitter.com/WuBlockchain/status/1694875869255520687" rel="noopener noreferrer nofollow">PEPE multi-signature wallet</a>&nbsp;changed from 5/8 to only 2/8. This implies that instead of requiring five of eight wallets to sign off on transactions, only two out of eight were needed. 
PEPE immediately fell 15% and was still sustaining losses at press time.

Pepe (PEPE) Long-Term Holders Sold Ahead of 20% Price Crash: Details

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