PepeCoin (PEPE) experienced a sharp decline in its market capitalization on Wednesday morning after 16.045 trillion PEPE tokens worth $16.85 million were transferred from the team’s wallet to various crypto exchanges. The tokens were sent to Binance, Bybit, KuCoin, and OKX from a multi-sig Ethereum address, which normally requires approval from many parties before any transactions can be done. The team reduced the security requirements for its multi-sig wallet from five out of eight to just two out of eight signatures needed to complete a transaction after the tokens were moved to the exchanges.The news of the token transfers sparked concerns among traders and investors, leading to a panic sale and further bearish pressure on the price of PEPE. Speculation is that the PepeCoin team is readying itself for selling, staking, or exchanging with more valuable tokens. The token dropped to a low of $0.0000008058 after the news emerged, and at press time, PEPE was trading at $0.0000008854, down 18.06% in 24 hours.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
negative |
| Relevance Score |
10 |
| People |
None |
| Companies |
Binance, Bybit, KuCoin, OKX, Ethereum |
| Currencies |
PEPE, Ethereum, Bitcoin, Binance, OKX |
| Securities |
None |
