- A post on PEPE’s official Twitter page shed light on the reason the memecoin’s price plummeted in the past few days.
- According to the post, bad actors within the internal team temporarily took control of a wallet belonging to the core team.
- At press time, PEPE was changing hands at $0.0000008922 after its price dropped more than 15% over the past 24 hours.
An announcement was posted earlier today on the official Twitter page for Pepe (PEPE) regarding the unusual transaction activity of a wallet belonging to the core team during the past 48 hours. According to the post, internal conflict within the team, which had hindered the project’s progress in the past, was also responsible for PEPE’s large selloff recently.
an announcement to the $PEPE community: Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… pic.twitter.com/iZmXV1TAvw— Pepe (@pepecoineth) August 26, 2023
The selloff involved a series of transactions from the PEPE team’s multisig wallet, resulting in the transfer of approximately 16 trillion PEPE tokens, valued at roughly $15 million, to several cryptocurrency exchanges including OKX, Binance, Kucoin, and Bybit. Concurrently, the required signer count for the multisig wallet was reduced to 2 out of the original 8 wallets.
In a heartfelt and transparent message to the PEPE community, a spokesperson for the project stepped forward to provide clarity on the situation, and shed light on the complex dynamics that had been plaguing the project since its inception. Internal conflicts, fueled by differing motivations and egos, had led to an unfortunate state of affairs within the PEPE team.
However, the incident inadvertently led to the project shedding its negative baggage, now allowing for a fresh start. The author of the announcement expressed regret over the turmoil that the community had endured due to the actions of a few bad actors.
Furthermore, the announcement revealed that the tokens from the wallet in question were never meant to be sold or exploited by the team for personal gains and that the aim was to utilize these tokens for donations and possibly even token burns. Unfortunately, the lack of cohesion within the team prevented these positive actions from taking place.
The heart of the issue stemmed from the multisig wallet’s requirement of three out of four signers for approval. Former team members, who had distanced themselves early on, unexpectedly returned to the scene and exploited this situation.
They accessed the multisig wallet, siphoned off a significant portion of tokens, and proceeded to sell them on exchanges. Subsequently, they detached themselves from the project, leaving the individual in charge with the monumental task of addressing the aftermath.
Despite the shock and disappointment caused by these events, the individual at the center of Pepe expressed a strong commitment to the community. This commitment was not only reflected in the safekeeping of the remaining tokens but also in the determination to navigate the project toward a brighter future.
Discussions with key community members were initiated to collaboratively steer the project in the right direction, and the announcement outlined a series of measures to rectify the situation. The stolen tokens that were sold on various exchanges would be tracked, and the remaining 10 trillion tokens in the multi-sig wallet would be moved to a new secure wallet.
This move aimed to prevent any further unauthorized access and secure the project’s assets.
Moreover, plans were disclosed regarding the acquisition of web domains and usernames that would bolster the PEPE brand. Once these endeavors were successfully executed, the remaining tokens from the multi-sig wallet would be permanently burned.
The announcement concluded on a hopeful note, emphasizing the vision for a decentralized and anti-fragile future for PEPE. As the project redefines its path, it aims to stand strong, united, and more determined than ever to realize its potential as a valuable memecoin.
4-hour chart for PEPE/USDT (Source: TradingView)
Meanwhile, CoinMarketCap indicated that PEPE was changing hands at $0.0000008922. This was after the meme coin’s price had slipped more than 15% over the past 24 hours. This negative daily performance had pushed PEPE’s weekly and monthly performances further into the red zone as well. Subsequently, PEPE was down 17.18% for the week and 32.90% for the month.
There was also a high amount of selling pressure that entered PEPE’s price charts throughout the past day of trading, which was evident in the 352.74% surge in the memecoin’s daily trading volume. This spike in trading volume can be attributed to investors attempting to preserve the value they had invested in PEPE – offloading their holdings as a result.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post PEPE Spokesperson Attributes Its Price Drop to Internal Conflict appeared first on Coin Edition.