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Crypto investors are experiencing no dull days as volatility begins to increase again, accelerating the flow of news. Just a few minutes ago, an on-chain alarm started ringing, causing PEPE Coin’s price to rapidly drop by double digits. So why is the PEPE Coin price falling?
Why is PEPE Coin Falling?
According to CryptoNoddy’s claim, PEPE Coin had its multisig wallet compromised. Normally, multisig wallets allow assets to move with a signature threshold of 5/8 or 4/8. However, the PEPE Coin wallet suddenly switched to a 2/8 rule. This means that a hacker with two signatures has complete control over the wallet. But in order to make this change, five signatures were required. This is why suspicion arises regarding a possible hack. If the wallet has been compromised, it poses a significant risk. The massive amount of tokens in the wallet can be sent for sale or transferred to the attacker’s wallets.
The potential hack in the smart contract may even require an update to the PEPE Coin protocol. This detail will become apparent in the next few hours.
Following the news, the price of PEPE Coin dropped to $0.00000092. Although the price recovered to $0.00000098 after panic selling, further losses may occur with the emergence of more details. If the PEPE Coin team provides a reassuring and verified statement, we may witness a rapid return to the previous price.
At the time of writing, million-dollar PEPE transfers are grabbing attention. At this stage, it may be beneficial for investors to proceed with caution.
