Pepe (PEPE), a frog-themed memecoin, has dropped roughly 15% in value after recent changes to a multisig wallet and new token transfers sparked fears of a "rug pull" by its developers.

On August 24, $16 million worth of Pepe tokens were moved from the developers' multisig wallet to several crypto exchanges, prompting the allegations and unfavorable price action.

According to Safe Global, the wallet address sent 16 trillion Pepe tokens — around 3.8% of the entire supply — to three exchanges and an unverified wallet address.

Data reveals that $8.2 million in Pepe was transferred to OKX, $6.5 million to Binance, and $434,000 to Bybit, with a further $400,000 transferred to an unknown wallet.

Following the transfer of the 16 trillion Pepe tokens to exchanges, the developers made an unusual modification to the team's multisig wallet, which still contained $10 million in Pepe at the time of writing.

According to Etherscan data, the wallet now only requires two out of eight signatures — down from five out of eight previously — to sign off on whether or not the wallet should perform transfers.

Notably, this was the first time Pepe tokens were transferred from the project's multisig wallet to exchanges.

Sources:

https://app.safe.global/transactions/history?safe=eth:0x5BdEA820293689B77FA8e83b1E3D58B27B5ce9BA

https://cointelegraph.com/news/pepe-token-plunges-strange-token-transfers-fears-rug-pull

https://coingape.com/pepe-coin-developers-selling-huge-pepe-price-tanks-by-20/

https://twitter.com/wizardofsoho/status/1694817350741025201

https://coinmarketcap.com/currencies/pepe/