Pepe Coin Frenzy Turns to Fear After Anonymous Developers Make Changes to Wallet, Transfer Tokens: Report

Pepe Coin, a meme coin that has exploded in popularity since its launch in April of this year, is now stoking fear in the crypto community. PEPE has lost 15% in value over the past few hours and is currently trading at $0.0000008727 (roughly Rs 0.000072). The price of PEPE dropped after the developer of PEPE reportedly modified its multi-signature wallet and announced it to the PEPE community. This change in the wallet system caused millions of dollars to flow out of the memecoin ecosystem.

Pepe coin’s multi-signature wallet is managed by its developers, which previously required at least five out of eight developers to use their private keys and approve transactions for items on the blockchain. Now, PEPE deals only require two developers as signatories to approve.

Following this change, the PEPE team suspiciously moved 16 trillion tokens worth $15 million (roughly Rs. Report FXStreet said on Friday.

These factors have created a climate of FUD – fear, uncertainty and doubt – in the PEPE community. Many people took to social media to express their concerns about the movement of the memecoin market.

Some fear that the PEPE project may be a scam, with developers raising funds to abandon the project, leaving investors in the lurch.

Currently, PEPE’s verified account @pepecoineth on X is still active with over 476,000 followers.

However, the last tweet from the account was posted a few days ago, on August 12. Members of the PEPE development team have yet to address the concerns of community members.

Currently, over 391 trillion PEPE tokens are in circulation out of its pre-determined total supply of over 420 trillion tokens. According to the data, its current market value has fallen by 20.48% in the past 24 hours to 342 million US dollars (about 28.34 billion rupees). coin market cap.

madness before fear

Pepe Coin (also known as the $PEPE token), backed by the Ethereum blockchain, made its discreet debut on the cryptocurrency market on April 16, 2023. The developers of the project chose to remain anonymous.

In order to attract investors, PEPE developers have implemented a “tax-free policy” for PEPE and canceled the Gas fee for Pepe transactions.

PEPE token surged 7,000% in the first 17 days of launch, It is said As of May 5, its market capitalization had reached $1.8 billion (approximately Rs. 14,883 crore).

The meme coin is inspired by a cartoon frog that often appears in popular Internet memes, and its expression is intended to portray the associated feeling behind the meme.