The price of the memecoin Pepe (PEPE) has dropped by 15% after developers sent nearly 4% of the total supply to exchanges without warning. This has raised concerns of a “rug pull” by the developers. Approximately $16 million worth of Pepe tokens were transferred from the developers’ multisig wallet to various crypto exchanges. The wallet address transferred 16 trillion Pepe tokens, which accounts for about 3.8% of the total supply, to three exchanges and an unverified wallet address. The developers also made a change to the team’s multisig wallet, reducing the number of required signatures from five out of eight to two out of eight. This change has raised further questions about the intentions of the developers. Pepe was previously seen as a promising memecoin, but these recent developments have cast doubt on its future prospects.
