PEPE Coin Developers Selling Huge? PEPE Price Tanks by 20%

PEPE Coin, the deflationary memecoin launched earlier this year, has recently witnessed strong network activity and reportedly, the developer team is selling in huge quantities.

As per the recent data from Etherscan, the PEPE team’s wallet moved approximately 16 trillion PEPE tokens (equivalent to about $15.08 million) to four cryptocurrency exchanges (CEXs). As a consequence, the PEPE token’s price experienced a decline of 15%.

Furthermore, the PEPE multi-signature wallet underwent a change from a 5/8 configuration to only 2/8. Around 6.9% of the PEPE tokens (29 trillion) from the team’s wallet, totaling 18.3 trillion, were transferred to CEXs.

Any reason why the PEPE multisig wallet changed the threshold to just 2/8 signatures? Seems weird, this isn’t standard right?

Also, seems that some has been sent to exchanges pic.twitter.com/1DVZIOvef8

— CryptoNoddy (@Crypto_Noddy) August 24, 2023

There’s still no clarity behind the recent developments, however, investors remain worried about another rug-pull kind of event here. A rug pull refers to a deceptive scheme in which the developer of a cryptocurrency or NFT project promotes the venture to attract investment, but then abruptly shuts down or vanishes, thereby absconding with the investors’ assets.

Some analysts like @ethx_o think that this might not be the case of a rug pull. As per @ethx_o: “The only holders of more than 2.5% of $PEPE are OKX and Binance, and of the top six holders, five are exchanges. Also, circulating supply = maximum supply. So there’s a minimal risk for traditional “rug” here. The token belongs to the community”.

Honestly @pepecoincn dev crap selling atm is way better than selling in Bull market like many others did.
But if they sell all the remaining will be way better and honest.

But i guess honesty is not their main material 🐸

— Elja (@Eljaboom) August 24, 2023

PEPE Price Tanks 20%

The development has resulted in a sharp fall in the PEPE Coin price which is currently down by 20% and trading at $0.0000008749. $PEPE has been experiencing a downward trend, following a bearish pattern for several months. It appears likely to test its previous lows around $0.0000008 in June. Consequently, short-term forecasts suggest a negative outlook.

However, the underlying fundamentals continue to look good. According to Etherscan, the token’s holder count is steadily approaching an impressive 140,000, steadily increasing despite the lack of significant price increases.

It seems that retail investors continue to show in acquiring the coin. As $PEPE’s value drops further, more investors looking to buy the dip could enter the market.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.