On Wednesday, a multi-million dollar token transfer of PepeCoin (PEPE) from a multi-sig Ethereum wallet address to four exchanges caused the token’s market capitalization to plummet by 18.06%. The 16.045 trillion PEPE tokens, worth $16.85 million, were sent to Binance, Bybit, KuCoin, and OKX and the token’s low reached $0.0000008058.
The transfer of the tokens sparked concerns on social media, as it required only two out of eight signatures to complete the transaction, down from five. This caused a panic sale, further pushing the price of the token down.
Speculation is rising that the team behind PepeCoin is preparing to stake, exchange, or sell the tokens. At press time, PEPE is trading at $0.0000008854.
