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Home»NFT»PEPE Memecoin Sends Out 16 Trillion Tokens, Scares Investors
NFT

PEPE Memecoin Sends Out 16 Trillion Tokens, Scares Investors

2023-08-24No Comments2 Mins Read
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Investors of the popular meme coin, $PEPE, were (understandably) alarmed on Thursday after millions of dollars worth of $PEPE were suddenly transferred to crypto exchanges, including Binance, OKX, and Bybit.

Interestingly, this incident marked the first instance in which the project’s essential multi-sig wallet participated in sending out PEPE tokens. 

Thursday’s sudden surge of over 16 trillion $PEPE tokens naturally created apprehension among investors, also causing a subsequent drop in its trading price.

This strangely followed what appears to be an even more alarming phenomenon – changing the number of required crypto wallets required to “sign off” on a transaction that authorizes the crypto transaction to go through.

PEPE’s multi-sig wallet, which is responsible for safeguarding a substantial portion of $PEPE tokens and is one of the largest holders of the meme coin, previously required approval from five out of eight designated wallets (5/8 signatures) to authorize any given transaction. 

However, according to some “on-chain sleuths,” they noted these troubling changes after the multi-sig wallet suddenly reduced that threshold to just two out of eight signatures (2/8 signatures). 

Memecoins like Pepe Coin, Dogecoin, and Shiba Inu, are digital currencies created and promoted around a popular internet meme or cultural trend.

Pepe Coin, for example, was inspired by Pepe the Frog, while Dogecoin, was inspired by a 2013 joke between Billy Markus and Jackson Palmer. 

In the digital asset landscape, these meme-coins are often created as a joke or a way to mock the serious nature of traditional cryptocurrencies – with the irony being that they can still gain and maintain significant value based on its community following. 

See also  Whales Move Over $590,000,000 in Bitcoin, XRP, Dogecoin and Pepe – Here’s Where the Crypto’s Headed

This is a developing story and will be updated with more details.

investors Memecoin PEPE Scares Sends Tokens Trillion
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bitcoin
Bitcoin (BTC) $ 106,819.62
ethereum
Ethereum (ETH) $ 2,583.08
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.24
bnb
BNB (BNB) $ 658.14
solana
Solana (SOL) $ 153.16
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.277075
dogecoin
Dogecoin (DOGE) $ 0.173815
staked-ether
Lido Staked Ether (STETH) $ 2,580.34