The price of the frog-themed memecoin Pepe (PEPE) has plummeted nearly 15% recently as changes to multisig wallets and new token transfers sparked concerns of “pull” by its developers.
this charge – and negative price action – $16 million worth of Pepe tokens were sent from the developer’s multi-signature wallet to various cryptocurrency exchanges on August 24.
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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
according to data According to blockchain hosting app Safe Global, the wallet address transferred 16 trillion Pepe tokens (about 3.8% of the total supply) to three exchanges and an unverified wallet address.
The data shows that $8.2 million worth of Pepe was sent to OKX, $6.5 million was sent to Binance, $434,000 was sent to Bybit, and another $400,000 was transferred to an unknown wallet.
After transferring 16 trillion Pepe tokens to the exchange, the developers made a strange change to the team’s multisig wallet, which still contained $10 million worth of Pepe as of this writing.
Data from Etherscan programme Wallets now only require two out of eight signatures (previously five out of eight) to sign off on whether the wallet should make a transfer.
Notably, the funds transfer marks the first time Pepe tokens have been sent from the project’s multisig wallet to an exchange.
related: Is the 25% drop in PEPE, SHIB and APE a sign of a deepening crypto bear market?
Many memecoin investors see Pepe as the next major memecoin, with some saying the frog-themed meme token could “flip” the original memecoin Dogecoin (DOGE) when the next bull run arrives.
For some, the outflow of funds from a multisig might throw that argument into question.
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