Recent developments surrounding the PEPE cryptocurrency have sparked suspicion and concern within the crypto community. Reports suggest that modifications to the PEPE smart contract have potentially allowed changes to be made with a reduced number of signatures. As uncertainty looms over these allegations, the market has witnessed a significant impact on the token’s value.
Alleged PEPE Contract Modifications and Token Transfer
The crux of the matter revolves around the purported reduction of the required number of signatures for altering the multisig wallet. While there is yet to be an official confirmation of these claims, it’s reported that the number may have been decreased from five to two. Notably, following this alleged alteration, a staggering 16 trillion PEPE tokens, valued at approximately $16 million, were reportedly transferred from one of the multisig wallets to OKX exchange.
Price Impact and Whale Activity
The aftermath of these developments has sent ripples through the PEPE market. The value of tokens faced a sharp decline, plummeting by over 20%. This drop can be attributed to the sizeable token transfer from the PEPE team’s wallet and the circulating claims of contract changes. However, amid the price slump, strategic players known as whales took decisive actions to capitalize on the situation.
One such instance involves a notable whale who actively engaged with the token. During the recent market downturn, this entity seized the opportunity and bolstered their PEPE holdings. The whale acquired a substantial amount of 640 billion PEPE tokens in a single transaction, expending 320 Ethereum (ETH) worth around $529,000.
The unverified changes to the PEPE smart contract and the subsequent token transfer have raised eyebrows across the crypto sphere. As the community grapples with the potential implications, the market experienced a marked price decrease. Despite this setback, strategic whales leveraged the situation to enhance their holdings, demonstrating their calculated engagement with the token. The future trajectory of PEPE remains uncertain, hinging on how these alleged changes will be addressed and the broader sentiment of the cryptocurrency market.