PepeCoin (PEPE) plummeted Friday morning amid millions of dollars worth of PEPE moved from the team’s wallet to exchanges.

PEPE led the market’s losses, dropping more than 17% overnight, per CoinGecko.

The token’s market capitalization shed $100 million from $444.4 million to lows of $344.7 million as the multi-million-dollar token transfers spread across social media.

The PepeCoin team’s multi-sig Ethereum address transferred 16.045 trillion PEPE worth $16.85M to four exchanges in Binance, OKX, KuCoin, and Bybit yesterday.

A multi-sig wallet is one that demands multiple parties sign off before any transactions from the wallet are made.

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Author: Nivesh Rustgi

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