PEPE Memecoin Sends Out 16 Trillion Tokens, Scares Investors

PEPE’s multi-sig wallet, which is responsible for safeguarding a substantial portion of $PEPE tokens and is one of the largest holders of the meme coin, previously required approval from five out of eight designated wallets (5/8 signatures) to authorize any given transaction. 

However, according to some “on-chain sleuths,” they noted these troubling changes after the multi-sig wallet suddenly reduced that threshold to just two out of eight signatures (2/8 signatures). 

Memecoins like Pepe Coin, Dogecoin, and Shiba Inu, are digital currencies created and promoted around a popular internet meme or cultural trend.

Pepe Coin, for example, was inspired by Pepe the Frog, while Dogecoin, was inspired by a 2013 joke between Billy Markus and Jackson Palmer. 

In the digital asset landscape, these meme-coins are often created as a joke or a way to mock the serious nature of traditional cryptocurrencies – with the irony being that they can still gain and maintain significant value based on its community following. 

This is a developing story and will be updated with more details.