Trillions of Tokens Sent to Exchanges: PepeCoin (PEPE) Plummet
At press time, the price of PepeCoin (PEPE) stood at $0.0000008854, reflecting an 18.06% decrease in the past 24 hours.
The token experienced a significant drop to a low of $0.0000008058 after reports surfaced regarding the movement of trillions of tokens on August 24.
These tokens were transferred to Binance and OKX, along with two other major exchanges.
On Wednesday morning, the value of PepeCoin (PEPE) experienced a sharp decline due to the transfer of millions of dollars worth of PEPE tokens from the team’s wallet to various crypto exchanges.
As information about these multi-million dollar transfers spread across social media, the token’s market capitalization plummeted by $100 million. It dropped from $444.4 million and hit a low point of $344.7 million.
Significant Transfer of 16.045 Trillion PEPE Tokens to Four Exchanges
The PepeCoin team moved 16.045 trillion PEPE tokens worth $16.85 million to four exchanges, which included Binance, Bybit, KuCoin, and OKX. This transfer took place from a multi-signature Ethereum address. Typically, a multi-signature wallet requires approval from multiple parties before any transactions can be conducted.
Subsequent to the transfer, the PepeCoin team decreased the security requirements for their multi-signature wallet. They reduced the number of required signatures from five out of eight to just two out of eight in order to complete a transaction after the tokens had been sent to the exchanges.
Following the transfer, the multi-signature Ethereum wallet address associated with PepeCoin retained 10.697 quadrillion PEPE tokens, which are valued at $9.61 million.
Panic Selling of PEPE Tokens
The large-scale transfers, coupled with a lack of clarification from PepeCoin’s official Twitter account, resulted in concerns regarding the currency. As a result, panic selling ensued, amplifying bearish pressure on the price of PEPE.
In most cases, whales (large holders of a particular cryptocurrency) move their tokens to crypto exchanges to prepare for selling, staking, or exchanging with more valuable tokens. Cryptocurrency traders and investors are already speculating that the PepeCoin team is making preparations for one of these actions.