Meme Token PEPE Tumbles: Wallet Alterations and Big Moves Ignite Suspicions
Doubts are arising about the pepe (PEPE) meme token project as large amounts of PEPE are being transferred to centralized exchanges. Lookonchain, a group of onchain experts, raised concerns about significant movements of PEPE tokens. They noted that the Pepe multisig wallet and Wintermute Trading deposited 17.3T PEPE ($18M) to exchanges, while an early buyer dumped 1.88T PEPE for 1,010 ETH ($1.68M) on a decentralized exchange.
Key Points:
- A crypto whale recently purchased 640 billion PEPE tokens, adding to their already substantial holdings acquired in June and May.
- Modifications have been made to the PEPE team’s multi-sig threshold, with the threshold changing to just 2/8 signatures.
- PEPE tokens worth $6.5 million were sent to Binance, $8.2 million to Okx, $434K to Bybit, and $389K to an unidentified destination.
- PEPE’s value has declined by over 17% in a day and 20% over the week.
- Within the last 24 hours, PEPE had a global trade volume of $294 million, ranking 11th in trade volume.
In light of these developments, suspicions have been raised about the intentions and actions of the PEPE team and the large holders of PEPE tokens. The market volatility and significant transfers to exchanges suggest potential insider trading and manipulative behavior. Investors and crypto enthusiasts should exercise caution and closely monitor the situation to protect their investments.
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