The Rise and Fall of $PEPE: A Meme Coin Mystery

In a year that saw a steady influx of cryptocurrencies into the market, only a handful managed to capture the spotlight. Among the myriad coins that emerged, a select few soared to astonishing heights before plummeting back to reality.

Amidst the cryptocurrency market's relentless influx in 2023, a select few managed to steal the spotlight. Among the myriad coins that emerged, some soared to astonishing heights before plummeting back to reality.

In the realm of meme coins, one soared to prominence, capturing the attention of the crypto community. This is the story of $PEPE, a meme coin that lit up the digital sphere and left a trail of fortunes in its wake.

One investor, known by the pseudonym dimethyltryptamine.eth, took a leap of faith three weeks prior, investing a mere $250 to acquire trillions of $PEPE tokens.

What followed was nothing short of astonishing. In a few weeks, the value of dimethyltryptamine.eth's tokens skyrocketed, showering them with a staggering $1.02 million in profits, according to Decrypt, an almost unbelievable 5,000,000% gain.

Associated with the infamous "pepe the frog" meme, a symbol within the cryptocurrency community, PEPE is a meme coin without utility features. It operates as an ERC-20 token with a maximum supply of 420.69 trillion, debuting in April.

The project's goal is to dethrone Dogecoin ($DOGE) through a marketing campaign by the Pepe community on various social media platforms.

At the time of writing, PEPE boasts a market capitalization of $312 million, which once soared past a staggering $1.5 billion at its zenith.

In weeks, its trading volume surpassed that of many established cryptocurrencies. Despite the impressive volume, the price of this meme coin remained stable in mid-April, a remarkable feat during a bear market for a meme coin.

Traders were abuzz near the end of April as rumors of a Binance listing surfaced. A listing on the world's premier cryptocurrency exchange would propel $PEPE to the moon, sparking an explosive price surge.

By May 5, $PEPE's market value had soared to a staggering $1.542 billion following its April 16 launch, according to CoinGecko.

However, as the initial excitement surrounding a potential Binance listing dissipated and traders seized their profits, $PEPE's meteoric rise took a drastic downturn. In June, it suffered a loss of half its value, a decline that persisted with little interruption in the following months.

Although this was a blow for the PEPE community, it was not the only one. Amid $PEPE's meteoric rise and subsequent fall, a single transaction would shake the foundation of this meme coin's journey, plunging it into a downward spiral that left investors puzzled and alarmed.

On Aug. 24, the crypto community was shocked by unsettling news: a multi-signature $PEPE wallet, originally designed to require five signatures for access, had mysteriously been altered to grant access with just two signatures.

This unexpected development created a chain reaction that would have profound consequences for the $PEPE ecosystem.

Around 16 trillion $PEPE tokens were swiftly transferred from the compromised wallet to centralized exchanges (CEXs), and the move raised more questions than answers. Official $PEPE sources remained silent, leaving investors and enthusiasts in the dark.

Uncertainty surrounding the transaction sent shockwaves through the $PEPE community, causing traders to sell their holdings before the flood of tokens hit.

In less than 24 hours of the event, the repercussions of the suspicious transaction became painfully evident. $PEPE's price plummeted, shedding a staggering $100 million from its market capitalization. The once-promising meme coin found itself on the verge of a steep decline as the fallout from the incident reverberated throughout the cryptocurrency world.

What had initially appeared as a security breach took an unexpected turn. In fact, the alteration had been made intentionally by the some of the PEPE members team rather than exploited by malicious hackers.

According to a series of tweets posted on Aug. 26 by the official Pepe Twitter profile, the multi-sig transfer was not an act of theft but a calculated manoeuvre. The tweets painted a picture of "inner strife" within the $PEPE team, characterizing certain former members as individuals driven by ego and greed.

The explanation provided clarified that these "bad actors" had effectively stolen the 16 trillion tokens transferred from the multi-sig wallet.

They had then de-permissioned themselves from the wallet, leaving behind a cryptic message: "the multi-sig has been updated, you are now in full control." Subsequently, they deleted their social media accounts, seemingly vanishing into thin air. It was revealed that most stolen tokens had been swiftly dumped onto centralized exchanges, particularly OKX and Binance.

Despite the attempts to ease concerns, the market remained skeptical. Many investors questioned the official narrative and speculated that the team had orchestrated the sale to profit from the event. The aftermath of the

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