Fears of a "rug pull" by the coin's developers were stoked by recent upgrades to a multisig wallet and new token transfers, which caused the price of the frog-themed memecoin Pepe to drop by about 15%. The allegations and the downward price movement occurred on August 24, when Pepe tokens worth $16 million were transferred …
Fears of a “rug pull” by the coin’s developers were stoked by recent upgrades to a multisig wallet and new token transfers, which caused the price of the frog-themed memecoin Pepe to drop by about 15%. The allegations and the downward price movement occurred on August 24, when Pepe tokens worth $16 million were transferred from the developers’ multisig wallet to several cryptocurrency exchanges. The wallet address sent 16 trillion Pepe tokens, or roughly 3.8% of the total supply, to three exchanges and an unconfirmed wallet address, according to data from blockchain custody software Safe Global.
According to the data, Pepe was sent in the amount of $8.2 million to OKX, $6.5 million to Binance, and $434,000 to Bybit, with a further $400,000 going to an unidentified wallet. The developers curiously altered the team’s multisig wallet after transferring the 16 trillion Pepe tokens to exchanges, yet at the time of publication, it still held $10 million worth of Pepe. In contrast to the previous requirement of five out of eight signatures, data from Etherscan demonstrates that the wallet now only needs two out of eight signatures to approve transfers. Interestingly, the money transfer was the first time ever that Pepe tokens had been transmitted from the project’s multisig wallet to exchanges.
Many memecoin investors hailed Pepe as the next big memecoin, with some speculating that the frog-themed meme token was capable of “flipping” the original memecoin, Dogecoin, come the next bull run. Some people might doubt this concept in light of the fund transfers out of the multisig.
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