The Pepe token was the foremost token that enjoyed immense success during the meme coin frenzy in May this year. However, the token experienced a significant drop as the frenzy faded out. And now, a recent development seems to suggest that the team behind it may have abandoned the project.
$15.6 Million Worth of PEPE Transferred Out
According to on-chain sleuth ZachXBT, the Pepe team transferred 16 trillion PEPE ($15.6 million) from their multisig wallet to an Externally-owned address (EOA). The wallet then transferred $6.5 million, $8.2 million, $434,000, and $389,000 worth of PEPE to Binance, OKX, Bybit, and another address, respectively.
The initial transfer of $15.6 million raised concerns about a