Transfers in This Altcoin Scare Investors! Price Cracked

Weird movements attract attention in PepeCoin, one of the most popular meme coin projects of recent times. The altcoin price suddenly saw a vertical drop. On-chain detectives note disturbing changes in key wallet surveillance.

Strange movements in PepeCoin scared investors!

Millions of dollars worth of PEPE meme coin flooded crypto exchanges on Thursday. This caused the altcoin price to drop sharply, as we reported as Kriptokoin.com. The vertical drop in price scared investors quite a bit. The joke drew attention to the frightening movement in the multisig of the project, which is among the biggest owners of crypto money.

At noon on Thursday, more than 16 trillion tokens flowed from the PEPE multisig wallet to addresses associated with Binance, OKX, and Bybit. This action came shortly after on-chain detectives noticed disturbing changes in oversight of how the vault-like wallet handles transaction confirmations. Instead of requiring five out of eight wallets to sign transactions, it had become just two of the eight wallets. The on-chain detective, nicknamed CryptoNoddy, shared the following regarding the movements in the altcoin project:

Is there a reason why the PEPE multisig wallet only changes the threshold to 2/8 signatures? It seems strange, this is not standard, right?

After the events, the altcoin price went into a vertical decline!

This highly unusual action represents the first time that the very important multisig of the altcoin project (the guardian of a large part of the token supply) has sent the meme coin. With these actions unfolding, PEPE fell about 14%. The token suddenly turned down while hovering around $0.000001094 during the day. At press time, PEPE is changing hands at $0.0000009451, losing over 13% on a daily basis.

PEPE daily price chart. Source: CoinMarketCap