– The price of the memecoin Pepe has dropped by 15% after developers sent 4% of the total supply to exchanges without warning.
– $16 million worth of Pepe tokens were transferred from the developers’ multisig wallet to various crypto exchanges.
– The transfer accounted for approximately 3.8% of the total supply and raised concerns of a “rug pull” by the developers.
– The developers also made a change to the team’s multisig wallet, reducing the number of required signatures from five out of eight to two out of eight.
– This transfer marked the first time Pepe tokens had been sent from the project’s multisig wallet to exchanges.
– Some investors had high hopes for Pepe as a major memecoin, but the recent movements of funds have raised doubts about its potential.
– The price drop and transfer of tokens have sparked speculation about a deepening crypto bear market.
