Key Points:
The 160 trillion PEPE hit memecoin tokens pushed onto the exchange spooked investors.
Pepes multisig wallet also adjusted the number of signatures required to execute a transaction from 5/8 to 2/8.
The token price has dropped 16.5% in the past 24 hours.
According to on-chain data, the hot memecoin PEPE dropped 16.5% in 24 hours after detecting a series of transfers from the projects wallet to many major exchanges.
On-chain investigators note disturbing changes in key wallet monitoring. Over 16 trillion tokens flowed out of PEPE multi-sig wallet yesterday, and the destination is addresses associated with Binance, OXK, and Bybit. Currently, this memecoin project wallet only holds 10.67 trillion tokens.
That action comes shortly after on-chain investigators noted disturbing changes to the oversight of how that vault-like wallet handles transaction approval. Because instead of asking 5 out of 8 wallets to confirm the transaction, it changed to just 2 out of 8 wallets.
These unusual transactions have confused the crypto community, leading to a 16.5% decrease in PEPE price in the past 24 hours.
According to data from Coinmarketcap, memecoin PEPE launched on April 14 and peaked on May 5 when it reached $0.000004, a market capitalization of $ 1.63 billion. In less than a month, the token is up more than 6,000%. But it has now dropped to just $362 million.
What sets PEPE apart is that it is built on Bitcoin‘s BRC-20 standard, instead of Ethereum’s ERC-20 like in the previous meme coin craze. Despite being declared worthless from the project itself, this memecoin and other “follow-up” tokens still have a large number of participants.
There is currently no unified definition of a coin meme. However, when referring to this term, many people think of cryptocurrencies inspired by popular images on the Internet or real-life events. Unlike famous crypto projects like Bitcoin, Ethereum, meme coin was born for entertainment purposes, has no fundamental technical value or solves any problems in life. The majority of people play meme coins for fun or speculation.