Pepe Coin: Analyst Warns As PEPE Takes Center Stage Amid Allegations

Vignesh Karunanidhi
Pepe Coin: Analyst Warns As PEPE Takes Center Stage Amid Allegations
Source: Outlook India

Pepe Coin has garnered attention once more, but this time, the focus is on its recent negative performance. Over the last seven days, the coin has encountered a notable decline of 22%. Currently, PEPE is trading at $0.000000902002, reflecting a surge of 3% in value within the last 24 hours.

Former team members of Pepe Coin are facing allegations of theft from the project wallet, leading to a significant blow to the coin’s reputation. The crypto intelligence platform Santiment has noted the importance of this development in the broader crypto context in a recent tweet, noting that PEPE has swiftly risen to become the most talked-about crypto topic over the weekend.

Pepe Coin Rug pull fear surface

Investor concerns have been ignited by the recent movement of PEPE, resulting in a price decline and a spotlight on worrisome activities occurring within the project’s multi-sig wallet. The transfer of over 16 trillion PEPE to addresses associated with Binance, OKX, and Bybit has raised eyebrows. Specifically, a detailed report reveals that a sum of $8.2 million worth of PEPE was sent to OKX. Additionally, Binance received $6.5 million and Bybit received $434,000.

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An additional $400,000 was directed to an unidentified wallet owner. The total movement involved approximately 16 trillion PEPE, accounting for roughly 3.8% of the total token supply.