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Fears of Rug Pull Arise as PEPE Token Plunges 15% Amid Unusual Movements

Fears of Rug Pull Arise as PEPE Token Plunges 15% Amid Unusual Movements

– 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.

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