The value of PEPE, one of the most promising assets in the second quarter of 2023, has been faltering in recent weeks. According to CoinGecko data, the meme coin has been in a 33.6% price decline in the last 14 days. The PEPE price took a significant hit in the past week, tumbling by more than 20% in a matter of hours. This negative price action was triggered by the rumors of a rug pull orchestrated by the project deployers. On Thursday, August 24, about $16 million worth of Pepe tokens were moved from the developers’ multi-sig wallet to various crypto exchanges, spreading FUD (fear, uncertainty, and doubt) across the community. The team behind the meme coin has now published an announcement, addressing the community on what happened in the past few days. ‘Three Rouge Ex-Team Members Responsible For $16 Million Withdrawal’ On Saturday, August 26, one of the anonymous developers behind the Pepe project shed more light on the mysterious $16 million withdrawal from the project’s multi-sig wallet via a post on the official X (formerly Twitter) account. Related Reading: XRP Epic Price Set ..
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