• An anonymous member of the Pepe team has made a statement regarding a controversial $16 million transfer from the project’s multi-sig wallet.
• The statement has done little to restore confidence in the meme coin, as it failed to provide evidence for its claims and was met with skepticism from the crypto community.
• PEPE’s price continues to drop, currently trading at $0.000000868255 per CoinGecko data.
Pepe’s Controversial $16M Transfer
Pepe became an overnight sensation in April 2023, quickly achieving a market cap of over $1 billion and making mammoth-sized gains for investors. However, following recent questionable activity around the project’s multi-sig wallet, investor confidence has plummeted after a controversial $16 million transfer.
Response from Pepe Team
In response to growing concerns over the incident, a member of the Pepe team issued a statement on Saturday August 26th accusing three other unidentified team members of being behind last week’s transfer of funds. The statement also claimed that these “bad actors” have now relinquished access to the project and erased their social media presence and that the multi-sig wallet is now in safe hands with plans to eventually burn most of them.
Skepticism from Crypto Community
The statement received backlash and skepticism from members of the crypto community who questioned its credibility without any evidence given for its claims. Blockchain consultant Martin Krung commented that it sounded „made up“ while IncomeSharks remarked „how convenient.“ NFT trader @0xQuit quipped “we’re good guys now I promise.“
Continued Price Drop
Despite this response, PEPE’s price continues to fall. At the time of writing, it is trading at $0.000000868255 – representing a 3.6% drop over 24 hours and 21.9% decline over seven days per CoinGecko data.
Conclusion
The recent statements have failed to inspire confidence into Pepe as investors remain wary about its legitimacy due to lack of evidence provided for its claims and continued decline in price following suspicious activity around its multi-signature wallet .