Popular Meme Coin Pepe Crypto Faces the Danger of Rug Pull! Token Price Declines 20%

Crypto News – After creators abruptly sent approximately 4% of the memecoin’s total supply to exchanges, Pepe‘s price first fell 15%.

Popular Meme Coin Pepe Crypto Faces the Danger of Rug Pull! Token Price Declines 20%

The Pepe Deployer transferred a sizeable amount of 26.7 trillion PEPE tokens to an address designated as the PEPE GnosisSafeProxy about four months ago. The repercussions of this purchase, however, just recently became clear.

Just a few hours earlier, the PEPE GnosisSafeProxy carried out another transfer, sending 16 trillion PEPE tokens (equivalent to approximately $16.85 million) to various Centralized Exchanges (CEXs), according to PeckSheild. Binance, OKX, Bybit, and Kucoin were notable recipients. This action highlights a substantial change in the token’s ownership structure. Intriguingly, the performance of the token market fluctuated after these events. Its sharp decline in value indicated a difficult time for owners of Pepe coins.

Rug Pull Allegations

On August 24, $16 million worth of Pepe tokens were transmitted from the developers’ multisig wallet to several cryptocurrency exchanges, which coincided with the allegations and the downward price movement.

The wallet address sent 16 trillion Pepe tokens (approximately 3.8% of the total supply) to three exchanges and an untrusted wallet address, according to data from the blockchain custody software Safe Global. According to the data, Pepe valued at $8.2 million, was transmitted to OKX, $6.5 million to Binance, $434,000 to Bybit, and another $400,000 was moved to an unidentified wallet.

A PEPE Buyer Disposes of His or Her Tokens on DEX

An early $PEPE buyer sold a significant amount of 1.88 trillion PEPE tokens for 1,010 ETH,  (roughly $1.68 million), in a separate occurrence today on a Decentralized Exchange (DEX). The entire market performance of the cryptocurrency has also been impacted by this particular move within the decentralized ecosystem.

PEPE’s Value Declines but Users Increase

PEPE’s appeal is still obvious in spite of these variations. The coin is quickly getting closer to the remarkable milestone of 140,000 holders, according to Etherscan data. Since the number of holders has continued to expand dramatically in recent months, there may still be demand even in the absence of major price increases.

The desire among individual investors to amass $PEPE appears to be growing as the coin’s value continues to decline. The token’s value might soon stabilize due to the present market conditions encouraging additional activity from dip buyers.