PEPE Team Moves 16 Trillion Tokens to Exchanges, Triggers Price Plunge

PEPE Team Moves 16 Trillion Tokens to Exchanges, Triggers Price Plunge

Time Stamp: August 24, 2023 10:40 PM
  • PEPE team transfers 16 trillion tokens, worth around $15.08 million, to 4 Central Exchanges (CEXs).
  • The price of PEPE experiences a sharp 15% decline following the transfer.
  • Significant change in PEPE’s multi-signature wallet settings, from 5/8 to 2/8.

In a startling development, the PEPE team’s official wallet address transferred approximately 16 trillion PEPE tokens, equivalent to around $15.08 million, to four different Central Exchanges (CEXs). This significant transfer was followed by a 15% drop in the price of PEPE tokens, adding to market uncertainty around the project.

The situation was further complicated when changes were observed in the project’s multi-signature wallet. Previously requiring 5 out of 8 signatories to validate a transaction, the wallet’s security settings were altered to need only 2 out of 8 signatories. Of the team’s wallet that originally held 29 trillion PEPE tokens, 18.3 trillion have now been moved to CEXs.

So what do these abrupt changes mean for PEPE and its investors?

Firstly, large token transfers to exchanges typically create speculation about a “rug pull” or a potential market exit strategy by the team. However, as of now, no statements have been issued by the PEPE team to explain their actions.

PEPE Team Moves 16 Trillion Tokens to Exchanges, Triggers Price Plunge PlatoBlockchain Data Intelligence. Vertical Search. Ai.
PEPE Team Moves 16 Trillion Tokens to Exchanges, Triggers Price Plunge

Secondly, the alteration in multi-signature wallet settings raises security concerns. Lowering the number of required signatories from 5 to 2 may expedite transactions, but it also makes the wallet more susceptible to unauthorized transactions and potential hacks.

Finally, these actions have had an immediate and palpable impact on investor sentiment, as evidenced by the 15% price drop. With a market already reeling from volatility, moves like this without prior communication exacerbate investor anxiety and could trigger a further sell-off.

In conclusion, the PEPE team’s massive token transfer to exchanges and change in wallet settings have thrown the project into a period of uncertainty. Until the team provides clarification for their actions, the project’s future remains unclear. Investors and the larger crypto community will be keenly watching for updates to understand what these changes signify for the token’s long-term prospects.

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Time Stamp:

More from Crypto News Land