Pepe Experiences Partial Rug Pull As Anonymous Developers Sell $16M Worth of Token; New Spin-Off Emerges
The new memecoin Pepe (PEPE) experienced a partial rug pull when its anonymous developers sold almost $16 million worth of the token without the knowledge of the official Pepe X account, causing a drop in price of up to 26%. Although some believe the event will not have a significant impact on the token's long-term outlook, others are concerned about increased volatility and hope for the memecoin to collapse.
The very early buying address that obtained 39,000 times the PEPE income repurchased 1,044.4 billion PEPE before the market rose
on August 25th, after the PEPE team transferred PEPE to CEX for sale, analyst Yu Jin from Chainalysis monitored and immediately sold 1.88 trillion PEPE and obtained 39,000 times the profit from the early buying address. When the market rose 50 minutes ago, they spent 550 ETH to buy back 104.44 billion PEPE at a price of 0.0000009 USD.
Crypto researcher: The top 20 holders of PEPE and DOGE own more than 50% of the supply
Mando, a cryptocurrency researcher, stated that the top 20 holders of PEPE, DOGE, FLOKI, and SHIB account for the following supply percentages:
PEPE 52.9%;
DOGE 53.2%;
FLOKI 65.3%;
SHIB 67.9%;
In addition, 75% of the supply held by the top 20 PEPE holders comes from CEX accounts.
dimethyltryptamine.eth Bought 50 Billion PEPE 8 Hours Ago
According to Lookonchain monitoring, dimethyltryptamine.eth bought 500 billion PEPE for 27 ETH (about $45,000) 8 hours ago. The address spent 0.125 ETH (about $125) to buy 5.9 trillion PEPE and sold 3.95 trillion PEPE, exchanging it for 2,505 ETH (about $4.7 million). Currently, the address holds 20 trillion PEPE (about $1.8 million).
A former member of PEPE exchanged his PEPE for 536.65 ETH and pledged it to Lido
On August 26th, according to on-chain information, the NFT market founder of Not Larva Labs, PAULY, disclosed that an address belonging to a former member of PEPE (starting with 0x22f) sold its PEPE today and pledged the 536.65 ETH obtained from the sale to Lido.
Analyst: The insider selling of PEPE holdings has begun, and about 400 billion PEPE have been sold
According to on-chain analyst Yazan, insider selling of PEPE holdings has begun, with approximately 400 billion PEPE sold, coinciding with Pauly's exposure of Pepecoin team members. In response, Yazan called on cryptocurrency exchanges such as Binance and OKEx to take measures to prevent insider trading. Due to the team's sell-off, the price of Pepecoin has seen a bearish trend, dropping 15%. Although the PEPE price briefly rose 10%, it failed to maintain its upward momentum and continued to fall, exacerbating negative sentiment in the community. According to CoinMarketCap data, as of the writing of this article, the PEPE price is $0.00000090, down 7% in the past 24 hours.
PEPE: 10.6 Trillion PEPE Has Been Transferred to the New Address
August 26th, the official PEPE account announced on social media that its official Telegram group has been disabled and the group owner's account has been hacked. In the process of trying to regain access or create new access, the official Twitter account is the only official information channel.
In addition, the remaining 10.6 trillion PEPE coins in the original multi-signature address have been transferred to a new address.
After PEPE Officially Announced the Truth About the Coin Sale Incident, PEPE Rose by More Than 12% in a Short Time
According to OKX market data on August 26th, after PEPE officially announced the truth about the coin selling event, PEPE briefly rose more than 12%, now priced at 0.00000091 US dollars. Earlier, PEPE officials released a statement today revealing the truth behind the multi-signature sale of 16 trillion PEPE coins yesterday, stating that the remaining 10 trillion PEPE coins are safe.
PEPE Officially: 3 Former Members Privately Sold and Deleted Multi-Signature Permissions, and the Remaining 10 Trillion PEPEs Are Safe
PEPE officially released a tweet revealing the truth about the sale of 16 trillion PEPE tokens yesterday. According to PEPE, since its establishment, the project has been plagued by internal conflicts. Most of the team members who were involved in the project at the beginning began to distance themselves from it after the first week of launch. These members hindered the team's progress in using a multi-signature wallet for token donations or purchases due to the inability to sign, differences in opinions, and several weeks of being unreachable. The multi-signature setting requires 3/4 of the signers to be present to obtain approval.
PEPE Fell to Around $0.0000008 in the Short-Term, With an Intraday Drop of More Than 22%
The market shows that PEPE has fallen to around 0.0000008 US dollars in the short term, and is now reporting at 0.0000008216 US dollars, with a daily decline of more than 22%. The market is volatile, so please be prepared for risk control.
Previously,early this morning, the PEPE team transferred 15.08 million US dollars worth of PEPE tokens to DEX from a multi-signature address, and changed the multi-signature wallet threshold from 5/8 to 2/8.
