PEPE plunges 15% as strange token movements spark fears of rug pull

According to data from blockchain custody app Safe Global, the wallet address transferred 16 trillion Pepe tokens — approximately 3.8% of the total supply — to three exchanges and an unverified wallet address.

Following the transfer of the 16 trillion Pepe tokens to exchanges, the developers made a curious change to the team’s multisig wallet, which at the time of publication still contains $10 million worth of Pepe.

Data from Etherscan shows that the wallet now only requires two out of eight signatures — formerly five out eight — to sign off on whether or not the wallet should make transfers.