• Pepe, a crypto sensation, has seen its value plummet following the controversial transfer of $16 million from its multi-sig wallet.
• A statement by a team member failed to restore investor confidence in the memecoin, as there was little evidence given for their claims.
• As uncertainty continues to mount, PEPE’s price is on a downward trajectory.
Pepe Sees Market Value Plummet
In April 2023, Pepe quickly became the latest crypto sensation, achieving a $1 billion market cap just two weeks after its launch and printing mammoth-sized gains for investors. Following recent questionable activity involving the project’s multi-sig wallet, however, investor confidence has plummeted and PEPE’s market value has decreased significantly.
Team Member Offers Response
On Saturday August 26th ,a member of the Pepe team issued a statement in an attempt to address growing concerns over the incident. The statement accused three other unidentified team members of being behind the transfer of $16 million worth of PEPE from the project’s multi-sig wallet to exchanges but did not provide any evidence for their claims. The team member also asserted that they had taken control of the remaining 10 trillion PEPE tokens held in the wallet and planned to burn most of them eventually.
Response Fails To Inspire Confidence
The response from the Pepe team failed to generate any significant positive reaction from investors or members of the crypto community at large. Blockchain consultant Martin Krung called it “made up” while prominent NFT trader @0xQuit quipped “we’re good guys now I promise.“
Price Continues To Fall
Due to this lack of confidence in Pepe following last week’s events, PEPE’s price continues to fall rapidly – trading at $0.000000868255 at time of writing and representing a 3.6% drop over 24 hours and a 21.9% decline over 7 days according to CoinGecko data .
Investor Skepticism At An All Time High
Investor skepticism towards Pepe is at an all time high following this controversy surrounding its multi-sig wallet – with little indication that it will improve anytime soon unless more concrete evidence is provided by those controlling it.
