PEPE, the once-promising meme coin that garnered attention in the past quarter, suffered an unforeseen blow on Thursday as it succumbed to the grip of FUD (fear, uncertainty, and doubt). Despite making waves in recent months, PEPE’s momentum fizzled out by August, exacerbated by a wave of negative sentiment that battered the altcoin.
The current price of PEPE stands at a mere $0.000000870194 according to CoinGecko, sustaining a 21% slump in the last 24 hours alone. Over the span of seven days, the meme coin incurred losses of 15.3%, signaling a distressing trend for its holders.
Multisig Wallet Changes Fuel PEPE Rug Pull Allegations
The root of this downturn traces back to recent alterations in PEPE’s multisig wallet, coupled with newfound token transfers that ignited a prevailing fear of a potential “rug pull” orchestrated by the project’s developers.
On August 24, nearly $16 million worth of Pepe tokens were transferred from the developers’ multisig wallet to various c
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