HomeUncategorizedPEPE plunges 15% as strange token movements spark fears of rug pull By Cointelegraph

PEPE plunges 15% as strange token movements spark fears of rug pull By Cointelegraph

August 25, 2023

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The price of the frog-themed memecoin Pepe (PEPE) has plunged nearly 15% after recent changes to a multisig wallet and new token transfers ignited fears of a “rug pull” by its developers.

The allegations — as well as the negative price action — came as $16 million worth of Pepe tokens were sent from the developers’ multisig wallet to various crypto exchanges on Aug. 24.

Owners of the Pepe multisig wallet transferred 16 Trillion PEPE. Source: Safe Global
The change in number of signatures required to approve transactions from the multisig wallet. Source: Etherscan