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thisCrowd - Audio Read
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In the realm of cryptocurrency, the popular meme coin known as PEPE recently experienced a significant and unexpected drop of 17%. This sudden decline came alongside reports of substantial transfers of PEPE tokens from the project team’s wallet to various exchanges. Let’s dive into the details.
PEPE had been a prominent name in the crypto market, boasting a market capitalization of $444.4 million. However, this changed dramatically as it lost $100 million in value, plummeting to $344.7 million in a short span. The news of multi-million-dollar token transfers from the PEPE team to different exchanges quickly made its way through social media channels, causing widespread concern among investors.
Just a couple of weeks before this dramatic turn of events, PEPE had burst onto the crypto scene. It made a remarkable entrance into the top 100 largest cryptocurrencies, with a market cap of $582 million. Within a 24-hour period, PEPE had surged by an impressive 111%, and its value had skyrocketed by an astonishing 304% in just a week. This surge marked PEPE as one of the many meme coins, inspired by internet culture and viral trends.
However, the recent developments took a puzzling turn. The PEPE team’s multi-signature Ethereum wallet orchestrated the transfer of a whopping 16.045 trillion PEPE tokens, valued at $16.85 million, to four prominent exchanges: Binance, OKX, KuCoin, and Bybit. A multi-signature wallet, requiring approval from multiple parties, was behind this significant move.
What added to the intrigue was the subsequent adjustment of the wallet’s security parameters. Initially, it required the authorization of five out of eight signatures for any transaction. However, the team altered this to just two out of eight signatures, a rather mysterious decision.
The lack of communication from PEPE’s official Twitter account during this time raised alarms and led to a panic sell-off among PEPE holders. Crypto analysts, pondering the situation, expressed concerns about the sudden and opaque nature of these transactions.
In the world of cryptocurrency, where unpredictability is the norm, the story of PEPE’s sudden plunge and the cryptic wallet maneuvers added yet another layer of complexity to this ever-evolving landscape.
