<\/p>\n
On Wednesday morning, PepeCoin (PEPE) plunged after millions of dollars worth of PEPE were transferred from the team\u2019s wallet to various crypto exchanges.<\/p>\n
As news of the multi-million dollar token transfers<\/a> emerged on social media, the token\u2019s market capitalization dropped by $100 million, from $444.4 million to a low of $344.7 million.<\/p>\n The PepeCoin team sent 16.045 trillion PEPE tokens worth $16.85 million to four exchanges including Binance<\/a>, Bybit, KuCoin<\/a>, and OKX from a multi-sig Ethereum address. Normally, a multi-sig wallet requires approval from many parties before any transactions can be done from the wallet.<\/p>\n The PepeCoin team reduced the security requirements for its multi-sig wallet from five out of eight to just two out of eight signatures needed to complete a transaction after the tokens were moved to the exchanges.<\/p>\n After the transfer, PepeCoin\u2019s multi-sig Ethereum<\/a> wallet address was left with 10.697 quadrillion PEPE, worth $9.61 million.<\/p>\n The massive transfers and a lack of clarification from PepeCoin\u2019s official Twitter account sparked concerns about the currency and led to a panic sale, which further pilled bearish pressure on the price of PEPE.<\/p>\n In most cases, whales move their tokens to crypto exchanges<\/a> in readiness for selling, staking, or exchanging with more valuable tokens and crypto traders\/investors are already speculating that the PepeCoin team is readying itself for any of the above.<\/p>\n16.045 trillion PEPE sent to four exchanges<\/h2>\n
Panic PEPE sell<\/h2>\n