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PEPE price drops by 15% as a result of fraud FUD and a sudden 16 trillion PEPE transfer to exchanges
The price of PEPE experiences a significant decline of 15% as a result of a fraudulent activity known as Fear, Uncertainty, and Doubt (FUD). This decline is further exacerbated by an abrupt transfer of 16 trillion units of PEPE to other cryptocurrency exchanges
PEPE price slipped to a two-month low of $0.0000009227 after falling by nearly 15% in the span of 24 hours.
Following the transfer of assets, the PEPE multi-signature wallet changed from 5/8 to only 2/8.
Investors have been calling potential scam from the PEPE team, resulting in realized losses upwards of $14 million.
The price of PEPE plummeted unexpectedly on Thursday as the meme coin succumbed to FUD (Fear, Uncertainty, Doubt). The meme coin garnered headlines in the previous quarter but lost traction with investors by August, with the FUD making matters worse for the altcoin.
Following a 16 trillion transfer, the price of PEPE plummets.
At the time of writing, the price of PEPE is hanging around $0.0000010000, trading at $0.0000009227. On August 24, the meme coin recorded a red candlestick; nevertheless, the most of the downturn occurred during the day's final hour, following the rise of FUD.
The investors thought they were being duped after an executive transaction of 16 trillion PEPE tokens to four centralized exchanges. Exec transactions are a feature of the Gnosis Safe contract, which is a multi-sig wallet smart contract. Typically performed by the developer, this transfer is also likely to be performed by the PEPE team.
Furthermore, the PEPE multi-signature wallet has been reduced from 5/8 to 2/8, according to writer Colin Wu. He wrote on Twitter,
“6.9% PEPE (29 trillion) of the team wallet, a total of 18.3 trillion has been transferred to CEX."
While the authenticity of the allegation has yet to be established, investors have already concluded that the team likely deceived the consumers in order to profit. That is not the case, as a hoax would have resulted in a considerably larger transfer of assets.
Regardless, panic selling gained precedence, and the sharp decline in price created a fearful atmosphere. Realized Losses reached a three-month high across the network, marking the third-highest single-day losses since the token's inception. The investors' losses were $14 million in total.
As it stands, the project is losing traction with new investors, who are declining to join the network. In addition to the bearish broader market indicators, the fading meme currency hype is one of the major factors to the dropping interest. As a result, network growth has slowed significantly.
With this latest FUD and meltdown, the meme currency may fall even more, resulting in additional losses for investors.
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