PepeCoin, the cryptocurrency featuring its signature frog meme, faced a jarring plunge in its valuation, coinciding with hefty token transfers to multiple exchanges. A 20% PEPE crash was captured since last week, as per figures from coinmarketcap.
PEPE Crash: Mystery Transfers Raising Eyebrows
Alarmingly, transactions amounting to $16.85 million of PepeCoin were spotted moving from the team’s multi-signature Ethereum wallet to popular exchanges like Binance, OKX, KuCoin, and Bybit. Typically, multi-signature wallets are known to require approvals from several parties before initiating any transfers.
In a previous article, we did warn about how PEPE project might be just another pump and dump, despite receiving a lot of backlash.
Why is PEPE Crashing?
The events began unfolding yesterday. The multisig wallet managed by the Pepecoin developers was altered to mandate only two, instead of the previous five, out of eight signatures for transaction approvals. Subsequently, a massive transfer of PEPE tokens valued at $17 million was initiated to exchanges.
The once-thriving meme coin witnessed a 17% decline in its value by today’s morning, eroding approximately $77 million from its initial market cap of $376 million. While realizing profits is common, offloading about 4% of the total supply without any prior notice raises eyebrows.
Security Parameters CHANGED?
Further stirring concerns, post these large-scale transfers, there was an unannounced tweak in the wallet’s security protocols. From an earlier necessity of five out of eight signatures to authorize a transaction, the requisite was abruptly lowered to just two out of eight.
Remaining Wallet Balance and Growing Concerns
Despite these transfers, the wallet is reported to still house 10.697 trillion PEPE, valued at roughly $9.61 million. However, the combination of uncommunicated transfers and the sudden shift in wallet security, without any official insight, kindled apprehensions, culminating in hasty selling by holders.
Expert Insights on the Situation
May analysts weighed in on the unfolding events. They highlighted the atypical transaction behaviors coupled with a concerning silence from the project’s end, flagging them as potential red alerts. The latest data pinpoints PepeCoin’s market capitalization at $338 million, and in the midst of these developments, the PepeCoin team has yet to provide a statement. In fact, the account didn’t make any tweet since August 11.
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- $PEPE Airdrop Redistribution Now Live – Red Flags Surrounding PEPE Token?
- Pepe Coin Vs FLOKI: Who Will Hit $5 in the Next 90 Days? Potential Scenarios Unveiled!
- Whale Activity Examined: Unpacking the $BONE, $SHIB, and $PEPE Trades
- What is PEPE Coin? Is this another Pump and Dump?
- $PEPE Price Panic: Why is the PEPE Price dropping?
- FOMO Alert: The Financial Magic of PEPE Meme Coin!
- Forget Bitcoin, Meme coins Are Making People Rich: How $PEPE, $MONG, and $DINO are Taking Over the Crypto World!
- Top 5 Coins that Skyrocketed by Over 200% in Just 30 Days
- PEPE Coin vs. Shiba Inu: Who Will Come Out on Top with a 1000x Increase in Price by June 2023?
- TOP 10 Undervalued MEME Tokens after Pepe – 2023
- PEPE’s Crypto Leap: Pepe Price Prediction Unveiled for July 2023
- $7 Million in 72 Hours: Ben. eth’s $PSYOP Coin Drop Review
- What are Bitcoin Schnorr Signatures?
- Can the PEPE coin still go up 100x in 2023?
- Breaking News: Multichain Potentially Compromised in a Major Exploit Exceeding $126 Million
- Turbocharging the Crypto World: ChatGPT Coin TURBO Surges 2,000%
- This Coin PUMPED 80% in the past 24 hours…will it continue to Grow?
- Massive PEPE Coin Rally – Can the Price Double Again Soon?
- Meme Money: The Top Trending Meme Coins for Massive Returns!
- Dogecoin, Shiba Inu Coin or Pepe Coin – Which Memecoin to BUY?
You might also like
More from Altcoin
Dogecoin and Shina Inu: now that the famous Shiba Inu dog died, anticipation around DOGE and SHIB roadmaps is growing. …
What's interesting is the startling similarity between the market patterns of Bitcoin (BTC) and the NASDAQ. Let's delve into this …