PEPE, the biggest winner of 2023\u2019s memecoin<\/a> craze, crashed by over 20% on Aug. 24 after a wallet controlled by the token\u2019s creators sent<\/a> 16T PEPE tokens worth $14.2M to centralized exchanges after routing them through various wallets.<\/p>\n The multi-signature wallet was seeded with 6.9% of the supply of PEPE at the token\u2019s conception, according to the memecoin\u2019s website<\/a>.<\/p>\n All the PEPE tokens went to major crypto exchanges \u2014 one<\/a> transaction went to KuCoin, one<\/a> to Bybit, one<\/a> to OKX, and one<\/a> to Binance.<\/p>\n The tokens\u2019 movements can\u2019t be tracked once they are on centralized exchanges, but large transfers to companies like Binance and OKX generally tend to precede sales.<\/p>\n Immediately after the transfer, the team\u2019s multi-sig wallet<\/a>, changed<\/a> the required number of signers from five to two. This means that just two signatures are needed to approve transactions from the wallet, which still holds 10.6T PEPE, worth nearly $10M at the time of writing.<\/p>\n The mysterious moves have cast a cloud over what has been the darling memecoin of 2023 \u2014 PEPE peaked at a market capitalization of $1.5B on May 5 after launching<\/a> less than a month earlier on Apr. 14. Early buyers of the token made millions.<\/p>\n <\/p>\n <\/a><\/p>\n However, modifying a multisig, with another $10M in PEPE still to sell, doesn\u2019t necessarily inspire confidence in the PEPE team.<\/p>\n That said, PEPE is a memecoin \u2014\u00a0it doesn\u2019t need to provide utility.<\/p>\n PEPE\u2019s downward price action comes as transfers of the token have also slowed, implying that traders had settled into their positions and were potentially waiting for a rally.<\/p>\nReduced Security<\/h2>\n
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Lower Volumes<\/h2>\n
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