PEPE Coin, a popular memecoin that emerged earlier this year, is experiencing a surge in trading activity and questionable transactions. Recent data reveals that its developer team may be selling a sizable portion of its ownership, raising investor concerns.
According to the most recent Etherscan data, the PEPE development team’s wallet moved a whopping 16 trillion PEPE tokens, worth around $15.08 million, across four major cryptocurrency exchanges. This massive movement resulted in a 15% reduction in the price of the PEPE coin.
To add to the intrigue, the configuration of PEPE’s multi-signature wallet was changed from a 5/8 setup to simply 2/8. This configuration modification was followed by a transfer of about 6.9% of the tokens, totaling 29 trillion, from the team’s wallet, totaling 18.3 trillion tokens sent to various exchanges.
While the reasoning behind these changes is unknown, the crypto world is ready for potential disruption. The threat of a “rug-pull” – a deceptive method in which crypto or NFT developers entice investors and then abruptly vanish with their assets – looms big.
However, not everyone regards these movements as a cause for concern. According to prominent crypto researcher @ethx_o, “not everything appears dire with $PEPE.” Exchanges such as OKX and Binance are among the top holders. Furthermore, because the circulating supply reflects the maximum supply, the typical risk of a ‘rug’ situation appears to be negligible. The token is essentially the property of its large community.”
Despite these assurances, the price of PEPE Coin has suddenly dropped. It is currently trading at a low of $0.0000008749, a 20% decrease. The token’s trajectory in recent months has been negative, with the possibility of a return to its June lows near $0.0000008. The short-term forecasts shed a negative light on its prospects.
However, all is not lost for PEPE. Data from Etherscan offers a bright lining: PEPE’s holder count is approaching an enviable 140,000, climbing steadily even in the absence of considerable token appreciation. This pattern indicates that ordinary investors are still interested in adding PEPE to their portfolios. And, when its value falls further, there may be a rush of new investors looking to profit from the slump.
PEPE Coin’s story exemplifies the highs and lows that currencies encounter in the turbulent world of cryptocurrency. Only time will tell what happens to it in this ever-changing market.
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