Pepe, one of the hottest meme coins in the crypto market, achieved a market value of 1.6 billion dollars with a staggering 10,000% increase in a short time after its launch in April. However, Pepe’s success story was tarnished by an event that happened in recent days.
It turned out that Pepe’s founding team members transferred a total of 16 million dollars worth of Pepe tokens to various crypto exchanges. This transfer sparked panic and distrust among Pepe holders. Pepe’s price plummeted by 20% in one day, dropping to 0.00000088 dollars.
The motives behind this move by the Pepe team members are still unknown. According to some speculations, the team members wanted to cash out Pepe and make a profit. According to others, the team members wanted to quit the Pepe project or start another project.
The identities of the Pepe team members are also kept secret. However, some crypto analysts and influencers suggest that Pepe may be connected to Sam Bankman-Fried, the founder of the FTX exchange. Bankman-Fried was arrested a few days ago on charges of lying in a trial he witnessed.
The Pepe team members made a statement about the incident. In the statement, they said that the transferred tokens belonged to malicious team members and that the rest of the team members were not aware of it. They also stressed that the Pepe project continues and needs the support of the community.
The Pepe community shows mixed reactions. Some Pepe holders are furious and disappointed with what the team members did. Some others have not lost their faith in Pepe and see the price drop as a buying opportunity.
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