• Pepe has recently been the subject of controversy after a $16 million transfer from its multi-sig wallet.
• The Pepe team has responded with a statement, but this response has failed to generate confidence from the crypto community.
• As a result, the PEPE token’s price is continuing to decline.
Controversy Around $16 Million Transfer
In April 2023, Pepe became the latest crypto sensation, quickly securing itself a market cap of $1 billion just two weeks after its launch and providing huge gains for investors. Recently however, there have been questions surrounding activity around the project’s multi-sig wallet with investor confidence plummeting following a jarring $16 million transfer.
Response from Team Fails to Generate Confidence
The team member behind Pepe’s Twitter account released a statement in an attempt to address concerns regarding the incident on Saturday, August 26th. This statement accused three other unidentified team members of being responsible for last week’s transfer and that these “bad actors” had relinquished access to the project and erased their social media presence. Additionally, they claimed that the multi-sig wallet is now in safe hands and that plans are underway to transfer it to a new wallet and eventually burn most of it. Despite this response however, members of the crypto community have expressed doubt about its veracity with no evidence given for these claims leading many to remain skeptical about the situation.
Price Decline Continues Unabated
The uncertainty surrounding Pepe has not gone away despite this response and as such PEPE’s price continues to fall. At present, it is trading at $0.000000868255 which represents a 3.6% drop over 24 hours and 21.9% decline over 7 days according to CoinGecko data..
Lack of Evidence Leads To Doubt
Crypto traders Martin Krung and IncomeSharks were among those expressing doubt about claims made by the team member asserting that they sounded „made up“ while NFT trader @0xQuit quipped „we’re good guys now I promise“. This shows how lack of evidence has led members of the crypto community to remain skeptical towards what has happened leading many investors not feeling confident enough in investing into PEPE at present time due to fear around security breaches or potential scams taking place within its system .
It remains unclear what really happened with regards to last week’s controversial transfer but until more information is released or evidence provided by the team then investor confidence in Pepe will continue declining further along with its price as doubts remain high about whether or not they can be trusted going forward as an investment opportunity