Crypto’s biggest memecoin in the 2023 bear market has officially been rugged.

On-chain sleuths on Twitter caught a whopping 16 trillion PEPE tokens (worth about $16 million) being sold on various centralized exchanges like Binance, Bybit, KuCoin and OKX on Thursday.

PepeCoin’s market capitalization plummeted 26% to a low of $315.72 million before recovering 7.7% to $342 million at the time of writing. 

After two days of silence, someone claiming to be the project’s last remaining founder apologized in a lengthy post on Twitter, detailing how these were the unexpected actions of “three ex-team members [who] came back behind my back.”

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Author: Donovan Choy

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