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PEPE Dips By 15% As Strange Token Transaction Sparks Fears Of Rug Pull

Twitter icon  •  Published il y a 8 mois  •  Hassan Maishera

PEPE has lost more than 15% of its value in the last 24 hours as investors fear a rug pull following weird transactions by the project developers.

TL;DR

  • PEPE has lost 16% of its value over the last 24 hours as investors are concerned about a potential rug pull.

  • The concerns stemmed from a strange transaction that saw over $16 million worth of PEPE tokens moved from a wallet.

Weird Transaction Sparks Fears Of Rug Pull

The meme token, PEPE, is the worst performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours. PEPE has lost more than 15% of its value over the last few hours, underperforming compared to the broader crypto market.

The price crash came following a weird transaction that got investors concerned about the project. Investors are concerned about a potential rug pull after $16 million worth of PEPE tokens were sent from the developers’ multisig wallet to various crypto exchanges on August 24.

The wallet address transferred 16 trillion PEPE tokens, accounting for 3.8% of the total token supply. Data obtained from the blockchain custody app Safe Global revealed that $8.2 million worth of Pepe was sent to OKX, $6.5 million to Binance and $434,000 to Bybit, while an additional $400,000 was transferred to an unknown wallet.

Following the transfers of these tokens, the project developers made weird changes to the team’s multisig wallet. In the past, five out of eight signatures were needed before the wallet could make transfers. However, this has been changed to just two signatures. 

With PEPE losing more than 15% of its value in the last 24 hours, it is now trading at $0.0000009241 per token.

The broader crypto market has experienced a mixed performance over the last 24 hours. Bitcoin is down by roughly 1% in the last 24 hours and continues to maintain its price above the $26k level.

The total cryptocurrency market cap currently stands at $1.05 trillion, down by 1% in the last few hours.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.