The million-dollar PEPE memcoin flooded cryptocurrency exchanges on Thursday, August 24, spooking investors, CoinDesk writes. The value of the popular new joke memcoin fell 13% after the cryptocurrency community discovered strange changes to the multi-signature wallet used to boost the token’s popularity.
More than 16 trillion tokens were reportedly sent from the PEPE wallet to addresses linked to Binance, OXK and Bybit at noon on Thursday after the PEPE multi-signature wallet reduced the number of confirmations required from 5 to 2.
Against this backdrop, the meme token exchange rate fell sharply from $0.0000011 to $0.00000087.