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03-05-20242 min read
News - Memecoin Pepe falls hard after developers move assets
The cryptocurrency Pepe has fallen sharply. This was caused by millions of developer transfers - and a change to the multisig wallet.
The Pepe price plunged 25 percent from the previous day.
Earlier, the project's developers had transferred 16 trillion Pepe tokens, about four percent of the total stock, to various exchanges.
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
This was the first time Pepe tokens were transferred from the wallet to exchanges.
In addition, the developers made a change to the multisig wallet. Transactions can now be authorized by only two of eight people, instead of five previously.
The token transfer combined with the wallet modification has caused panic. On social media, there is already speculated about a "rug pull".
