PEPE Token’s Rapid 17% Fall Sparks Concerns Over Multi-Sig Wallet Changes and Massive Fund Transfers

In the aftermath of the meme token’s meteoric ascent, pepe (PEPE) has plummeted by implicit 17% successful the past 24 hours. Buzz connected societal media suggests a important magnitude of funds held by the improvement squad are being transferred to exchanges. Moreover, alterations person been made to the team’s multi-signature wallet.

Meme Token PEPE Tumbles: Wallet Alterations and Big Moves Ignite Suspicions

Doubts loom implicit the pepe (PEPE) meme token task amid chatter astir hefty sums of PEPE shifting to centralized exchanges. On Thursday, onchain experts from Lookonchain pointed out, “[Four] hours ago, [the] Pepe multisig wallet and Wintermute Trading deposited 17.3T PEPE ($18M) to exchanges. [Three] hours ago, an aboriginal purchaser of PEPE dumped 1.88T PEPE for 1,010 ETH ($1.68M) connected a [decentralized exchange].”

Fast guardant to August 25, 2023, Lookonchain delved deeper, revealing that a crypto whale splurged 320 ether connected a whopping 640 cardinal PEPE conscionable 3 hours anterior to the post. Intriguingly, this aforesaid whale besides amassed billions of PEPE backmost successful June and May. Amidst this frenzied trading enactment and aggravated speculation, it’s been unearthed that modifications person been made to the PEPE team’s multi-sig threshold.

One inquisitive perceiver asked:

Any crushed wherefore the PEPE multi-sig wallet changed the threshold to conscionable 2/8 signatures? Seems weird, this isn’t modular right? Also, [it] seems that immoderate has been sent to exchanges.

Chiming in, onchain adept Zachxbt detailed that PEPE tokens worthy $6.5 cardinal recovered their mode to Binance, $8.2 cardinal to Okx, $434K to Bybit, and an further $389K to an unidentified destination. Since then, PEPE’s worth has dwindled by implicit 17% successful a time and 20% implicit the week. Within the past 24 hours, this meme coin boasted a staggering $294 cardinal successful planetary trade, clinching the 11th spot connected Friday successful commercialized measurement rankings.

What bash you deliberation astir the suspicions surrounding the PEPE meme coin project? Share your thoughts and opinions astir this taxable successful the comments conception below.