What is the Reason for the Volatility in PEPE Memecoin?

The memecoin, which came to the agenda with conflicts within the PEPE team and price fluctuations, continues to attract attention with the mobility of whale wallets. According to the data, Wintermute Trading, a large market-making company, has carried 8.3 trillion PEPE (worth $ 5.43 million) to central exchanges in the transfers it made today.

Also, the short wallet address belonging to the crypto whale, continues to buy large amounts of PEPE from exchanges. During the day, PEPE with a value of over $ 100,000 was transferred to centralized exchanges.

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Despite this mobility, the token is showing a particularly strong performance today. In the last 24 hours, the value of PEPE has increased by 16% and is currently trading at 0.0000006957 dollars. However, the token was not yet able to reach its previous high.

In August, a few people from the main developer team of PEPE, token, sold a large amount of tokens from multisig wallets on the grounds that they betrayed the project, according to the main team’s statement.

Particularly, the cryptocurrency exchange Binance holds $75 million PEPE tokens on behalf of its customers in cold wallets, accounting for a significant portion of the token with a total market value of $246 million. These whales might provide an answer to what might happen in PEPE in coming days.

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The statement from Pepe team has had a somewhat reassuring effect on the contract-related issues. Pepe had raised concerns among both investors and the memecoin market, primarily due to internal disputes within the team, especially related to the multisig address.

However, the announcement made in the early hours of today has helped alleviate these concerns to some extent. The team attributed the root cause of the chaos within the project to the inconsistent efforts of three individuals within the company and announced their departure from the project. With this statement, Pepe started to gain value, experiencing a 13% increase.

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Furthermore, they stated that to prevent such situations, they have reduced the required number of signatories for the multisig wallet from 8 to 2. They have placed the multisig wallet, containing a total of 10 trillion PEPE, under the management of a single signer, emphasizing that they have entrusted the wallet to trustworthy hands.

Other team members have issued a statement indicating that it has become evident that some malicious and ambitious members have been causing harm to the Pepe (PEPE) altcoin project since its inception. They highlighted that these members, who had a negative impact, are no longer part of the team, as they were found to have obstructed the project’s progress from its beginning.

A remaining team member specifically emphasized that they never held the sold tokens as intended and that they have securely preserved the remaining tokens. Additionally, they stated that PEPE‘s Twitter account is still under the team’s control and management.

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