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PepeCoin (PEPE) plummeted Friday morning amid millions of dollars worth of PEPE moved from the team’s wallet to exchanges.
PEPE led the market’s losses, dropping more than 17% overnight, per CoinGecko.
The token’s market capitalization shed $100 million from $444.4 million to lows of $344.7 million as the multi-million-dollar token transfers spread across social media.
The PepeCoin team’s multi-sig Ethereum address transferred 16.045 trillion PEPE worth $16.85M to four exchanges in Binance, OKX, KuCoin, and Bybit yesterday.
A multi-sig wallet is one that demands multiple parties sign off before any transactions from the wallet are made.
After the transfer to exchanges, the team also changed the security parameters for its multi-sig wallet from five out of eight to only two out of eight signatures required to perform a transaction.
The wallet still holds 10.697 trillion PEPE worth $9.61 million.
The massive transfers with lack of communication from the official Twitter account for PepeCoin raised alarms about the token, triggering a panic sell.
“Although profit taking in crypto is normal from a team's perspective, the suddenness [and] obscurity of the transactions, coupled with the lack of communication raises some red flags,” wrote crypto analyst Miles Deutscher.
The PepeCoin team hadn’t responded to Decrypt’s questions by publication time.
The last market cap reading for PEPE was $375.3 million.
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