Unusual Movements in PEPE Wallets Raise Eyebrows
On Thursday, cryptocurrency enthusiasts and experts observed unsettling shifts in the transaction oversight of a pivotal PEPE meme coin wallet. As millions of dollars worth of the PEPE meme coin made its way to crypto exchanges, a sharp 12% drop in its price ensued, hinting at investors’ growing concerns over the coin’s stability.
Massive Flow to Major Exchanges
An astounding 16 trillion tokens were transferred from the PEPE multisig wallet to popular cryptocurrency exchanges such as Binance, OXK, and Bybit during midday. The movement sparked increased scrutiny especially since it happened soon after keen-eyed individuals identified disconcerting alterations to the wallet’s transaction approval mechanism.
Shift in Transaction Approval Mechanism
Originally, the multisig wallet was designed to necessitate approvals from five out of eight linked wallets for any transaction to go through. However, this protocol recently changed, demanding validation from merely two out of the eight wallets.
First of Its Kind
This significant transfer event is unparalleled in the history of the PEPE meme coin. It marks the very first instance where the critically essential multisig, which houses a considerable portion of the token’s supply, has ever disbursed the meme coin in such high volumes.
With such unusual activity in the backdrop, investors and market watchers are now on high alert, anticipating further developments and awaiting clarifications regarding the reasoning behind these shifts in transaction oversight.
