Pepe, once a high-flying memecoin, is coming back down to earth after several massive token transfers by its developer sparked fears of an impending pull.
The token is based on a cartoon frog complicated historydown 18% on Friday morning after including the developer’s multisig wallet Pepe Coin Sent approximately $16 million worth of tokens to multiple cryptocurrency exchanges.
According to ASXN, a boutique digital asset research firm, developers have made it easier to transfer tokens by changing the number of signatures required to transfer funds from wallets from five to two eighths. The crypto wallet then sent millions of dollars in Pepe tokens to several exchanges, suggesting that the tokens may soon be sold.
According to ASXN, the wallet sent $8.36 million to OKX, $6.6 million to Binance, $438,000 to Bybit, and $400,000 to an unknown exchange or wallet. About $10 million worth of Pepe’s cryptocurrency remains in the developer’s wallet.
1/4
1 hour ago, the Pepe multisig wallet changed the number of signatures required for its multisig from 5/8 to 2/8.This is after sending $15.7 million worth of $PEPE to communicate.
Segments we know about: pic.twitter.com/bxBxp6Nzqz
— ASXN (@asxn_r) August 24, 2023
While many on Crypto Twitter were upset by the sudden developer transfer, some chose to see the bright side of things. Several of the Pepe faithful said the developers should sell the remaining $10 million they control so true believers can snap up them.
this @pepecoineth Developers used to hold 6% of the shares $pepe And sold 16T tokens equivalent to 4% of the supply.
No other wallet (besides exchanges) holds more than 0.9% of the supply, except #pepe The developer wallet currently holds 2%
This is bullish for the long term $ Pepe.
Sell the remaining 2%! ! ! pic.twitter.com/0H7ksWtcpZ
— Kenobi (@OG_Kenobi_Hello) August 24, 2023
The Pepe cryptocurrency was created in April by anonymous developers running their account @pepecoineth on X (formerly Twitter). Building on the success of previous memecoins such as Dogecoin and Shiba Inu, Pepe’s market capitalization rose to $1.6 billion in just three weeks, wealth The report said. After the developer’s transfer, the token’s market capitalization was approximately $350 million.
Svlook
