Pepe Coin Plunge: Wallet Change Sparks 15% Price Drop
Pepe Coin, the meme coin that went viral after its inception in April of this year, is now causing concern in the crypto world. PEPE’s value has dropped by 15% in the previous few hours, and it now trades at $0.0000008727 (approximately Rs. 0.000072). PEPE’s price dropped when its creators allegedly changed its multi-signature wallet and revealed it to the PEPE community. This modification in the wallet system led in millions of dollars leaving the memecoin ecosystem.
Previously, Pepe coin’s multi-signature wallet needed at least five out of eight engineers to use their private keys and approve transactions for the project on the blockchain. PEPE transactions now only require the permission of two developers.
Following this adjustment, the PEPE team mysteriously transferred 16 trillion tokens worth $15 million (approximately Rs. 123 crores) from PEPE’s multi-sig wallet to four centralized exchanges, according to a report published on Friday by FXStreet.
These reasons have contributed to an environment of FUD (fear, uncertainty, and doubt) in the PEPE community. Many people have gone to social media to express their concerns regarding the market movement of memecoin.
Some are concerned that the PEPE project would be a rug-pull scam in which developers collect payments and then quit the project, leaving investors high and dry.
PEPE’s verified handle @pepecoineth on X is still operational, with over 476,000 followers.
The most recent tweet from this handle, though, was sent on August 12. No one from PEPE’s development team has yet responded to the community’s concerns.
Out of a total quantity of over 420 trillion tokens, approximately 391 trillion PEPE tokens are now in circulation. According to CoinMarketCap, its current market cap is $342 million (approximately Rs. 2,834 crore), a decrease of 20.48 percent in the last 24 hours.
Image credit: Twitter/PepeCoinETH
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