Last Updated: August 31, 2023
• Pepe, a memecoin sensation, recently saw $16 million withdrawn from its multi-sig wallet.
• Concerns have been raised about the legitimacy of the activity and lack of evidence given by the team.
• Crypto traders have been skeptical of the response from the project’s team and PEPE’s price has continued to fall.
Pepe: The Controversial Memecoin Sensation
Pepe made headlines in April 2023 after quickly becoming the latest crypto sensation and achieving a market cap of $1 billion just two weeks after launching. However, since then investor confidence has declined following questionable activity around its multi-sig wallet with a large withdrawal of $16 million worth of PEPE tokens.
Response From Team Member Fails to Inspire Confidence
A member of the Pepe team issued a statement on Saturday August 26th in an attempt to address growing concerns over last week’s transfer of funds. The statement accused three other unidentified team members of being behind the transaction but failed to provide any evidence supporting this claim. This response was met with skepticism in the crypto community as many felt it was too convenient and lacked proof.
Crypto Traders Weigh In On Response
Prominent figures within the crypto space such as blockchain consultant Martin Krung, crypto trader IncomeSharks, and NFT trader @0xQuit expressed their doubts about the story provided by the team member leading them to believe it was “made up” or too convenient for comfort.
PEPE Price Continues to Fall
The uncertainty surrounding Pepe has had a negative impact on its price which is currently trading at $0.000000868255 representing a 3.6% drop over 24 hours and 21.9% decline over 7 days according to CoinGecko data.
Despite attempts from some members of Pepe’s team to restore confidence in their project there remains skepticism amongst investors due to lack of evidence provided surrounding recent activity within its multi-sig wallet resulting in a significant drop in price for PEPE tokens over recent days.