{"id":142327,"date":"2023-09-01T19:53:17","date_gmt":"2023-09-01T14:23:17","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=142327"},"modified":"2023-09-01T19:53:17","modified_gmt":"2023-09-01T14:23:17","slug":"pepe-plummets-17-as-team-transfers-million-of-dollars-to-exchanges-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/pepe-plummets-17-as-team-transfers-million-of-dollars-to-exchanges-crypto-news\/","title":{"rendered":"PEPE Plummets 17% as Team Transfers Million of Dollars to Exchanges – Crypto News"},"content":{"rendered":"
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PepeCoin<\/a> (PEPE) plummeted Wednesday morning amid millions of dollars worth of PEPE moved from the team\u2019s wallet to exchanges.<\/p>\n

suspicious change in the security requirements.<\/p>\n

PEPE led the market\u2019s losses, dropping more than 17% overnight, per CoinGecko<\/a>.<\/p>\n

The token\u2019s market capitalization shed $100 million from $444.4 million to lows of $344.7 million as the multi-million-dollar token transfers spread<\/a> across<\/a> social<\/a> media.<\/p>\n

The PepeCoin team\u2019s multi-sig Ethereum address<\/a> transferred 16.045 trillion PEPE<\/a> worth $16.85M to four exchanges in Binance, OKX, KuCoin, and Bybit yesterday.<\/p>\n

A multi-sig wallet is one that demands multiple parties sign off before any transactions from the wallet are made.<\/p>\n

After the transfer to exchanges, the team also changed<\/a> the security parameters for its multi-sig wallet from five out of eight to only two out of eight signatures required to perform a transaction.<\/p>\n

The wallet still holds 10.697 trillion PEPE worth $9.61 million.<\/p>\n

The massive transfers with lack of communication from the official Twitter account for PepeCoin raised alarms about the token, triggering a panic sell.<\/p>\n

\u201cAlthough profit taking in crypto is normal from a team’s perspective, the suddenness [and] obscurity of the transactions, coupled with the lack of communication raises some red flags,\u201d wrote<\/a> crypto analyst Miles Deutscher.<\/p>\n

The PepeCoin team hadn\u2019t responded to Decrypt\u2019s questions by publication time.<\/p>\n

The last market cap reading for PEPE was $375.3 million.<\/p>\n

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Disclaimer<\/p>\n

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.<\/p>\n<\/div>\n

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<\/p>\n

Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

PepeCoin (PEPE) plummeted Wednesday morning amid millions of dollars worth of PEPE moved from the team\u2019s wallet to exchanges. suspicious change in the security requirements. PEPE led the market\u2019s losses, dropping more than 17% overnight, per CoinGecko. The token\u2019s market capitalization shed $100 million from $444.4 million to lows of $344.7 million as the multi-million-dollar […]<\/p>\n","protected":false},"author":2,"featured_media":142328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-142327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=142327"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142327\/revisions"}],"predecessor-version":[{"id":146674,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142327\/revisions\/146674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/142328"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=142327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=142327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=142327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}