PEPE Coin: Recent Developments and Concerns
PEPE Coin, a deflationary memecoin, has experienced a surge in network activity and the developer team has been selling large amounts of tokens. Recent data from Etherscan shows that the team’s wallet moved approximately 16 trillion PEPE tokens, worth around $15.08 million, to four cryptocurrency exchanges. This has resulted in a 15% decline in the price of the PEPE token.
Main Breakdowns:
- PEPE team’s wallet moved 16 trillion PEPE tokens to four cryptocurrency exchanges
- PEPE token’s price declined by 15%
- PEPE multi-signature wallet changed from 5/8 configuration to 2/8
- 6.9% of PEPE tokens from the team’s wallet were transferred to exchanges
- Investors are concerned about a potential rug-pull event
The reason behind these developments is unclear, leading to worries among investors. A rug pull is a deceptive scheme where the developer of a cryptocurrency or NFT project promotes it to attract investment, but then disappears with the investors’ assets. However, some analysts believe that this may not be a rug pull situation. They argue that the majority of PEPE tokens are held by reputable exchanges, minimizing the risk of a rug pull.
Hot Take:
The recent selling activity by the PEPE Coin developer team has caused a 20% price drop, with the token currently trading at $0.0000008749. Despite this negative trend, the number of token holders continues to increase. Retail investors are showing interest in acquiring the coin, especially as its value drops further. While concerns remain, the underlying fundamentals of PEPE Coin still appear strong.
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