At press time, PEPE was trading at $0.0000008854, down 18.06% in 24 hours.
The token dropped to a low of $0.0000008058 after news of trillions of token movement emerged on August 24.
The tokens were moved to Binance and OKX among two other major exchanges.
On Wednesday morning, PepeCoin (PEPE) plunged after millions of dollars worth of PEPE were transferred from the team’s wallet to various crypto exchanges.
As news of the multi-million dollar token transfers emerged on social media, the token’s market capitalization dropped by $100 million, from $444.4 million to a low of $344.7 million.
16.045 trillion PEPE sent to four exchanges
The PepeCoin team sent 16.045 trillion PEPE tokens worth $16.85 million to four exchanges including Binance, Bybit, KuCoin, and OKX from a multi-sig Ethereum address. Normally, a multi-sig wallet requires approval from many parties before any transactions can be done from the wallet.
The PepeCoin team reduced the security requirements for its multi-sig wallet from five out of eight to just two out of eight signatures needed to complete a transaction after the tokens were moved to the exchanges.
After the transfer, PepeCoin’s multi-sig Ethereum wallet address was left with 10.697 quadrillion PEPE, worth $9.61 million.
Panic PEPE sell
The massive transfers and a lack of clarification from PepeCoin’s official Twitter account sparked concerns about the currency and led to a panic sale, which further pilled bearish pressure on the price of PEPE.
In most cases, whales move their tokens to crypto exchanges in readiness for selling, staking, or exchanging with more valuable tokens and crypto traders/investors are already speculating that the PepeCoin team is readying itself for any of the above.