trillions of tokens sent out to exchanges
At press time, PEPE was trading at $0.0000008854, down 18.06% in 24 hr.
The token dropped to a low of $0.0000008058 after news of trillions of token motion emerged on August 24.
The tokens were relocated to Binance and OKX amongst 2 other significant exchanges.
On Wednesday early morning, PepeCoin (PEPE) plunged after countless dollars worth of PEPE were moved from the group’s wallet to numerous crypto exchanges.
As news of the multi-million dollar token transfers emerged on social networks, the token’s market capitalization come by $100 million, from $444.4 million to a low of $344.7 million.
16.045 trillion PEPE sent out to 4 exchanges
The PepeCoin group sent out 16.045 trillion PEPE tokens worth $16.85 million to 4 exchanges consisting of Binance, Bybit, KuCoin, and OKX from a multi-sig Ethereum address. Typically, a multi-sig wallet needs approval from numerous celebrations prior to any deals can be done from the wallet.
The PepeCoin group lowered the security requirements for its multi-sig wallet from 5 out of 8 to simply 2 out of 8 signatures required to finish a deal after the tokens were relocated to the exchanges.
After the transfer, PepeCoin’s multi-sig Ethereum wallet address was entrusted 10.697 quadrillion PEPE, worth $9.61 million.
Panic PEPE sell
The enormous transfers and an absence of information from PepeCoin’s main Twitter account stimulated issues about the currency and resulted in a panic sale, which even more pilled bearish pressure on the rate of PEPE.
For the most part, whales move their tokens to crypto exchanges in preparedness for selling, staking, or exchanging with better tokens and crypto traders/investors are currently hypothesizing that the PepeCoin group is preparing itself for any of the above.
