Pepe Developer Wallet Activity Results in Large Scale Selloff

A multisig wallet linked to the Pepe developer team ignited fears of a PEPE rug pull.

Over the past 24 hours, a wallet linked to Pepe (PEPE) developers performed questionable activity which resulted in a surge in investor and trader panic. During this period, the number of required signatures for the multisig wallet linked to the project’s developers was reduced. Shortly thereafter, a substantial amount of PEPE tokens were sent to centralized exchange platforms. Subsequently investors and traders feared that this activity was an early sign of a PEPE rug pull by the meme coin’s team. This fear resulted in a large wave of sell volume as PEPE holders attempted to preserve the value of their holdings.