TL;DR
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On August 24, 2023, the multi-sig wallet (aka the shared bank account between the founders) reduced the threshold to approve a transaction to just 2/8 signatures. Right after that change, the team started transferring $PEPE to centralized exchanges.
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The general theory is: The entire PEPE team are actually in cahoots and know exactly how to sell off their holdings without affecting $PEPEβs price too drastically.
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Worse yet, they may well have released the announcement in order to convince the rest of the community not to sell their positions (allowing the team to sell off at a higher price).
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Be careful out there folks!
Full Story
You know how gym/entrepreneur bros will often yell “NO DAYS OFF!” at you from your Instagram feed?
To us, the crypto news cycle can sometimes keep a similar, grating energy.
If you can’t tell by reading this edition’s articles, today is one of those days.
A current source of noise is Pepe – the meme coin that launched in April, surged over 1,500% and reached a peak market cap of $1.5 billion by May.
Something happened to the project over the past week or so – and it ain’t good!
On August 24, 2023, the multi-sig wallet (aka the shared bank account between the founders) reduced the threshold to approve a transaction to just 2/8 signatures.
And right after that change, the team started transferring $PEPE to centralized exchanges.
(Which typically indicates the intent to sell).
The issue being that, from the very beginning, the team had stated:
“The remaining 6.9% of the supply is being held in a multi-sig wallet only to be used as tokens for future centralized exchange listings, bridges, and liquidity pools.”
Translation: βThe remaining supply of PEPE will be used to support and grow the project (not enrich ourselves).β
So, what happened?
On August 26, the team came out with an announcement, pointing fingers at “3 ex-team members.”
Their story?
Those 3 members were apparently “bad actors led by big egos and greed” who made off with around $15 million worth of Pepe tokens, but everything is under control now.
Needless to say, this argument didn’t quite convince the community.
Why?
First, Pauly, a crypto influencer, had already rung the alarm about the PEPE team.
And second, only 60% of the $PEPE sitting in that multi-sig wallet was removed – if it really was theft, why leave $10 million behind?
The general theory is:
Itβs because the entire PEPE team are actually in cahoots and know exactly how to sell off their holdings without affecting $PEPEβs price too drastically.
Worse yet, they may well have released the announcement in order to convince the rest of the community not to sell their positions.
(Allowing the team to sell off at a higher price).
Be careful out there folks!