The frog-inspired memecoin Pepe has been hit with a price dip following recent alterations to its multisig wallets and a series of new token transfers. Suspicions have been aroused about potential developer interventions, leading to a substantial 15 percent drop in its mark et value.
Concerns were magnified when $16 million worth of Pepe tokens were observed moving from the developer's multisig wallet to several cryptocurrency exchanges on August 24. This transfer involved a staggering 16 trillion Pepe tokens, equivalent to roughly 3.8 percent of the total supply. The tokens were dispersed to three exchanges and an unverified wallet address, as highlighted by Safe Global, a blockchain hosting app.
Of the Pepe tokens in motion, an estimated $8.2 million found its way to OKX, while $6.5 million was dispatched to Binance. Additional transactions saw $434,000 being sent to Bybit, with another $400,000 moved to an undisclosed wallet address. Intriguingly, the developers of Pepe carried out an unusual alteration to their team's multisig wallet subsequent to the token transfers. This wallet still retained approximately $10 million worth of Pepe at the time of the change.
Data sourced from Etherscan unveiled that wallets now necessitate only two out of eight signatures to authorize a transfer, a change from the previous requirement of five out of eight. Pepe has been gaining traction as a potential major memecoin contender, with some even suggesting it could potentially outperforming the original memecoin Dogecoin during the upcoming bullish trend. However, the recent capital outflow from its multisig wallets has sparked questions about the coin's trajectory.
