from cryptoAtoZnews
Pepe Coin, the memecoin that rose to viral popularity after its launch in April this year, is now stirring fear in the crypto community. In the last few hours, the value of PEPE dived by 15 percent to currently trade at $0.0000008727 (roughly Rs. 0.000072). The dip in PEPE's price action came after its developers reportedly modified its multi-signature wallet and announced it to the PEPE community. This change in the wallet system resulted in the outflows of millions from the memecoin's ecosystem.
Pepe coin's multi-signature wallet, which is handled by its developers, previously required at least five out eight developers to use their private keys and approve transactions for the project on the blockchain. Now, PEPE transactions only require two developers as signatories for approval.
Following this change, the PEPE team suspiciously moved 16 trillion tokens amounting to $15 million (roughly Rs. 123 crore) from PEPE's multi-sig wallet into four centralised exchanges, a report by FXStreet said on Friday.
Pepe Coin Price Prediction as PEPE Slumps 15% Amid FUD Over Strange Multisig Changes
The price of Pepe Coin ($PEPE), the crypto market’s third largest meme coin by market capitalization and best-performing crypto asset of the year so far, recently fell as much as 14% in minutes amid a wave of social media Fear, Uncertainty and Doubt (FUD).
Pepe Coin has been trading around $0.000001050, but quickly fell to new daily lows around $0.0000009 after a social media user flagged that the Pepe multisig wallet had just changed its threshold to 2/8 signatures, before also warning that some $PEPE had been sent to exchanges.
The transaction changing the multisig threshold (which required 5/8 signatures to execute) can be seen via Etherscan. It is also documented on the Safe Wallet service:
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