Giant Memecoin Developers May Have Started Reselling Again, Onchain Data Shows

According to Onchain data, some of the funds from a multisig wallet belonging to the Pepe (PEPE) team were transferred to Binance.

Data shows that approximately 170 billion tokens worth $2.17 million were transferred from the PEPE team’s multisig wallet to a new wallet two days ago.

Interestingly, today, 6 billion PEPE, equivalent to $76,000, of these transferred tokens, was transferred to the cryptocurrency exchange Binance. This transfer led to speculation that the remaining funds in the new wallet could also be transferred to Binance.

The PEPE token developers had a disagreement among themselves some time ago, and a large amount of tokens were sold through an unauthorized transfer from their multisig wallets. The developers involved in the incident were removed from the project, and there has been no similar development since then.

However, PEPE managed to recover despite the sudden decline it experienced at the time, and at the time of writing, it is trading as the third largest memecoin in the world, just above Official Trump (TRUMP). Although it gained 5% in the last 24 hours, PEPE, like many other memecoins, lost 13% in value on a weekly basis.

*This is not investment advice.