The crypto recently discovered suspicious moves related to the multisig wallet of the memecoin project PEPE. According to on-chain data, more than 16 trillion PEPE (3.8% of the total supply) has been transferred from the project’s multisig wallet to the Binance, KuCoin and Bybit exchanges.
PEPE’s multisig wallet now only requires 2 out of 8 signatures, formerly 5 out 8, to sign off on whether or not the wallet should make transfers. These unusual transactions have sparked fears in the community. Many people have theorized that the PEPE team is going to sell off their tokens. Furthermore, PEPE’s Twitter has also not tweeted anything in the past 2 weeks, making the community even more worried about a soft rug.
As a result, PEPE dropped by 20% over the past 24 hours. Emerged in April 2023, PEPE once reached $1.5 billion in market cap but now dropped to only $385 million.