Hi everyone ! In today’s article we are going to take a closer look at the PEPE drama that that occurred on August 24th.
Was is PEPE
Created last April, PEPE was initially a meme coin like the others, but around early May, the token experienced a staggering increase of almost 1500% !
Source : Tradingview
The enthusiasm was such that it entered the top 50 on Coingecko. The community was also very active on Twitter for a while, with the #PEPE trending frequently.
All of this led to PEPE’s listing on well-known exchanges such as Binance, OKX, and KuCoin.
However, the price is in ranging phase far below his All Time High (ATH).
Rug pull ?
On August 24th, a multi-sig wallet (requiring at least 2 people to access the wallet) owned by the PEPE development team carried out suspicious transactions. The wallet initially had 26 trillions PEPE (nearly 30 millions dollars).
According to ASXN, a transfer of nearly $16 million worth of PEPE was made to exchanges such as Binance, OKX, and even Bybit :
Source : Twitter (X)
After, the access to the wallet was changed. Indeed, instead of requiring 5 people (8 persons in total) to access the wallet, now a minimum of 2 people is needed.
From this perpective, it seems like a rugpull, however a member of team has clarify the situation.
Team reaction
On Twitter, the day after the theft, a member of the PEPE team spoke out.
Source : Twitter (X)
In summary, they claimed to have been deceived by other members of the team who turned against the project for money.
They explained that the tokens were never intended to be sold.
They concluded by stating that the remaining tokens are secure and expressed their desire to reshape PEPE into a project more closely aligned with its community. See the whole tweet here
Conclusion :
Some people are still skeptical about the team and want them to burn the remaining tokens, however the team has not explain what are their plan for the rest of the token.
PEPE is in tough situation right now, what do you think will happen ?
Thumbnail source : Source : saaslatest.com
As always thank you for reading !
Disclaimer : This is not a financial advice, you need to do your own research !
