The price of Pepe, a frog-themed memecoin, has dropped by 15% after developers unexpectedly sent nearly 4% of the total supply to exchanges. This move has raised concerns among investors about a potential “rug pull” by the developers. Approximately $16 million worth of Pepe tokens were transferred from the developers’ multisig wallet to various crypto exchanges. The wallet address sent 16 trillion Pepe tokens to OKX, Binance, Bybit, and an unknown wallet. Following this transfer, the developers made changes to the team’s multisig wallet, reducing the number of required signatures from five out of eight to two out of eight. This change has raised further questions about the intentions of the developers. Pepe was previously seen as a promising memecoin, but these recent developments have cast doubt on its future prospects.
Summary:
– The price of Pepe has plummeted by 15% after developers sent nearly 4% of the total supply to exchanges without warning.
– $16 million worth of Pepe tokens were transferred from the developers’ multisig wallet to various crypto exchanges.
– The wallet address sent 16 trillion Pepe tokens to OKX, Binance, Bybit, and an unknown wallet.
– The developers subsequently changed the number of required signatures on the multisig wallet from five out of eight to two out of eight.
– These actions have raised concerns among investors about a potential “rug pull” by the developers and have cast doubt on the future prospects of Pepe as a memecoin.
