July 21, 2024
Altcoins News

Sudden PEPE Meme Coin Surge to Crypto Exchanges Sparks Investor Concerns

Millions in PEPE meme coin value flooded cryptocurrency exchanges on Thursday, causing concern among investors who subsequently pushed its price down. This drew attention to suspicious activity in the project’s multi-sig wallet, which is one of the largest holders of this humorous cryptocurrency.

During midday on Thursday, over 16 trillion PEPE tokens moved out of the multi-sig wallet and were transferred to addresses associated with Binance, OXK, and Bybit. This occurred shortly after crypto analysts noticed concerning changes in how the wallet managed transaction approvals.

Instead of the previous requirement for five out of eight wallets to authorize transactions, it had been altered to only two out of eight.

This highly unusual activity marked the first instance where the project’s crucial multi-sig wallet, which holds a significant portion of the token’s supply, had ever initiated transfers of the meme coin.

Following the revelation of these actions, the price of PEPE experienced a significant decline, dropping by 15% as of the latest update.

Image by Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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