PEPE falls 20% amid scam suspicions

The PEPE multisig-wallet reduced the number of required confirmations from 5 to 2 and moved more than 15.7 trillion tokens to exchanges. The asset’s price tumbled by 20% amid concerns of rug pull.

According to data Safe Global, tokens worth $8.2 million were sent to OKX, $6.5 million to Binance and another $434 000 to Bybit. An additional $400 000 was transferred to an unidentified address.

Multisig-wallet PEPE still holds assets worth about $10 million. Moreover, this was the first time coins from this address were sent to centralized exchanges.

Against this backdrop, the meme token’s price fell sharply from $0.0000011 to $0.00000087. The asset’s market capitalization also declined from $443 million to $366 million, according to CoinGecko.

In late April, PEPE surged dozens of times, turning some holders of the asset into millionaires.

deposited $46 million onto exchanges in the meme token. Experts warned of the risks of a coin dump.

In the same month, an unknown paid $120 000 in fees to buy the meme cryptocurrency FOUR for $156,000. Community calculations show the investor managed to realise a profit of $240,000.