While the majority of cryptos are painting the charts red, one notably stands out: PEPE (PEPE). This relatively fresh memecoin took a significant nosedive last night.

From a gradual descent to $0,00000105, PEPE saw a sharp drop just before midnight, plummeting as low as $0,00000087. By morning, it nosedived further, touching a rock-bottom of $0,00000077.

Investors Fear a 'Rug Pull'

The abrupt dip in value has sparked concerns among PEPE investors of a potential "rug pull" or "exit scam", where project owners suddenly withdraw the funds and vanish. 

What’s fueling this anxiety? 

Late last evening, a notable movement of PEPE tokens from the developer's wallet to various crypto exchanges was spotted. A whopping nearly 16 trillion PEPE tokens, valued around $15.7 million, were transferred. This represented approximately 3.8% of the total supply, moving to exchanges like OKX, Binance, and ByBit. The developer's wallet still holds around $10 million worth of PEPE.

This transfer coincided with a peculiar tweak in the crypto-wallet. As per researcher AXN, the multi-sig wallet initially required five out of eight signatures. After the modification, only two signatures are needed.

A Frantic Dump of PEPE

The above revelations have sent shockwaves among PEPE's holders. Many, in a state of panic, decided to offload their PEPE tokens, as evident from Lookonchain's data.

Consequently, PEPE has plunged by over 20% today. Despite an impressive rise earlier this year, the current value is now a staggering 80% below its all-time high of $0,00000431 recorded on May 5th.

Cryptic Conjectures Circulate

Speculations are running wild in the crypto community. One intriguing observation is the inactivity of Pepe's Twitter account since August 11. Intriguingly, this is the same day Sam Bankman-Fried, the former CEO of the now-defunct FTX exchange, faced incarceration. However, it’s essential to take this connection with a pinch of skepticism.