PEPE Price Drops Amid Suspicious Changes and Whale Moves

Pepe coin drops 15% after unexpected token moves raise concerns

Pepe coin's value fell 15% when developers unexpectedly moved a large amount of the coin to exchanges.

There are claims that after a change in the smart contract, a certain wallet sent a huge amount of PEPE coins, worth $16 million, to an exchange called OKX.

The price of Pepe, a meme-based coin, dropped sharply by 15% after some changes in a wallet and new token movements made people worry about the developers' intentions.

This drop happened when Pepe coins worth $16 million were moved from a special wallet held by developers to different cryptocurrency exchanges on Aug. 24.

Information from Safe Global shows this wallet sent a lot of Pepe coins, about 3.8% of all Pepe coins, to three exchanges and one wallet that nobody knows about.

The data points out that $8.2 million went to OKX, $6.5 million to Binance, $434,000 to Bybit, and another $400,000 to an unidentified wallet.

After sending these coins to exchanges, the developers made a strange change to their wallet. This wallet still has $10 million in Pepe coins.

A check on Etherscan reveals that now, only two out of eight people need to agree before money can be moved from this wallet. Before, five out of eight needed to agree.

It's important to note that this is the first time Pepe coins have been sent like this.

Many people who invest in meme coins thought Pepe would become very popular soon. They believed it might even surpass the famous meme coin, Dogecoin.

But now, because of these unexpected movements, some are rethinking this belief.