A major holder bought 640B PEPE with 320 ETH ($529K) at $0.000001163. Prior moves included 280 ETH ($507K) for 500B PEPE in June and 253 ETH ($481K) for 164B PEPE in May. Amid the selling surge, this whale acted, altering wallet with $10M PEPE, reducing signatures from 5 to 2.
fast. The meme coin experienced a surge in selling activity, potentially prompting the whale's action. The turmoil centered around adjustments made to a multisig wallet managed by the developers.
Modifications were applied to this wallet, originally containing $10 million in PEPE value, resulting in a reduction of mandatory transaction signatures. This change, which lowered the necessity from five out of eight signatures to just two, prompted immediate suspicions. Changes made to a project's critical financial structure naturally give rise to worries about a potential"rug pull," where developers vanish with investors' funds. Following these developments, the value of the once popular meme coin has plunged by more than 20% within the past 24 hours alone.
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