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Pepe (PEPE) Memecoin Plummets 15% Amidst Fears of Developer "Rug Pull" After $16M Worth of Tokens Sent to Exchanges

The price of Pepe, a memecoin with a frog theme, has dropped by almost 15% due to concerns of a "rug pull" by its developers following changes to a multisig wallet and new token transfers. On August 24, $16 million worth of Pepe tokens were sent from the developers' multisig wallet to various crypto exchanges.

The wallet address transferred 16 trillion Pepe tokens, which is approximately 3.8% of the total supply, to three exchanges and an unverified wallet address. The developers made a change to the team's multisig wallet, which now only requires two out of eight signatures to sign off on whether or not the wallet should make transfers.

Pepe Pepe $0.00
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