The Pepe Token: Concerns of Abandonment and Rug Pull
The Pepe token, which had experienced immense success during the meme coin frenzy earlier this year, has faced a significant drop in value. Recent developments suggest that the team behind the token may have abandoned the project.
Main Breakdown:
- Transfer of $15.6 million worth of PEPE raised concerns of a rug pull
- No prior announcement from the team regarding the transfer
- Multisig wallet approval threshold changed, intensifying rug pull concerns
- Questions raised about the team’s structure and the approval threshold change
- Pepe’s official X account confirms actions of “3 ex-team members”
The transfer of $15.6 million worth of PEPE tokens caused concerns among the crypto community, as it represented more than half of the vested tokens intended for maintaining liquidity. The team’s lack of prior announcement regarding the transfer further heightened suspicions. Additionally, the change in the multisig wallet’s approval threshold raised concerns of a potential rug pull, indicating that someone within the team may have initiated the transfer.
According to a tweet from Pepe’s official X account, the actions were carried out by “3 ex-team members” who accessed the multisig account, stole the tokens, and sold them on centralized exchanges. The account also confirmed the transfer of the remaining tokens to another wallet, assuring the community that the X account and the remaining tokens are in safe hands.
Despite the concerns, the Pepe token has experienced a slight increase in value, providing some reassurance to the community.
Hot Take:
The transfer of a significant amount of PEPE tokens and the change in the multisig wallet’s approval threshold raise legitimate concerns about the future of the project. While the reassurance from the Pepe community is notable, it remains to be seen how the token will recover from this setback and regain trust from investors.
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