<\/p>\n
Investors of the popular meme coin, $PEPE, were (understandably) alarmed on Thursday after millions of dollars worth of $PEPE suddenly flooded crypto exchanges, including Binance<\/a>, OKX<\/a>, and Bybit<\/a>.<\/p>\n Interestingly, this incident marked the first instance in which the project\u2019s essential multi-sig wallet participated in sending out PEPE tokens.\u00a0<\/p>\n Thursday\u2019s sudden surge of over 16 trillion $PEPE tokens naturally created apprehension among investors, also causing a subsequent drop in its trading price. <\/p>\n This strangely followed what appears to be an even more alarming phenomenon \u2013 changing the number of required crypto wallets required to \u201csign off\u201d on a transaction that authorizes the crypto transaction to go through.<\/p>\n PEPE\u2019s multi-sig wallet, which is responsible for safeguarding a substantial portion of $PEPE tokens and is one of the largest holders of the meme coin, previously required approval from five out of eight designated wallets (5\/8 signatures) to authorize any given transaction.\u00a0<\/p>\n However, according to some \u201con-chain sleuths,\u201d they noted these troubling changes after the multisig wallet suddenly reduced that threshold to just two out of eight signatures (2\/8 signatures).\u00a0<\/p>\n Memecoins<\/a> like Pepe Coin, Dogecoin<\/a>, and Shiba Inu, are digital currencies created and promoted around a popular internet meme or cultural trend.<\/p>\n