Many considered PEPE tokens the future of meme coins. It also showed the potential to be the meme coin leader. However, a recent incident forced the meme coin community to reassess the meme coin. The frog-themed memecoin recently witnessed a massive movement in its network.
Here’s How the Incident Unfolded
On 24 August, the multi-sig wallet of developers transferred tokens worth $16 million to several crypto exchanges. This surreptitious action interpreted the token’s movement. The owners abandoned the project and fled with money. Such actions are called a “rug pull” in the crypto space.
Safe Global is a blockchain custody application that states that it is nearly 3.8% of the total supply. The recipients are three exchanges and an unverified wallet address. The data also shows the breakdown of the amount. According to it, the wallet transferred $438,000 to Bybit, $6.6 million to Binance, $8.36 million to OKX, and an unknown wallet received $400,000.
Right after the transfer of tokens, the developers made some changes to the team’s multi-sig wallet. Etherscan showed that the wallet required only two out of eight signatures. Formerly, it was five out of eight. It establishes just a couple of people are calling the shots in the protocol.
Most importantly, it’s the first time that Pepe tokens were sent to exchanges from the flagship multi-sig wallet. Since the launch of the frog-themed coin, it maintained a strong position. Some even said that it would dethrone the original memecoin, Dogecoin. But sadly, that doesn’t seem to be happening right now. Pepe may still turn the tables and regain investors’ trust.
Tokens and exchanges can overcome major setbacks quickly. For PEPE, it’s just a little slump in the price. So tomorrow, it can again soar high with the possibility of leading the space. The markets will have to wait and see that. For now, the users can delve into the history of PEPE and learn some interesting facts about it.
Facts About PEPE You Must Know
PEPE entered the markets when meme tokens were pretty popular. It was launched through Etherscan and gained immense traction in a short period. It also got millions of dollars in market capitalization. It became a sensational new meme coin and got a spot among the top 100 tokens.
Developers created the Pepe Coin on the Ethereum blockchain with no intrinsic value. However, the token soon started commanding a high price value. People soon began comparing Pepe with Dogecoin due to many valid reasons. While the latter took four years to acquire a market cap of 1 billion, the former did it in three weeks.
Notably, PEPE has a maximum supply limit too. It can generate 420,690,000,000 tokens while keeping 93.1% of coins in the liquidity pool. The multi-sig wallet settings have changed when the coin transfer is completed. The users are hoping that the rest is the same. Again, they are hoping for the best for the PEPE token.