Suspected Hacks Happens Across Multiple PEPE Wallets. Is this The Cause of the Price Drop?

• Pepe developers removed the number of wallets in their multi-signature contract from 5 to 2. 
• This is making the Pepe price decline in the market. The current price decline is more than 20%. 

Meme coins are one of the cryptocurrencies that suffer the most in a bad market situation. But in the case of Pepe, it seems everything is getting worse. And the leaders of this project aren’t helping matters after a recent change in their multi-signature contract. 

Pepe Suffers a Suspected Compromise In Wallets 

• There was a massive change in Pepe’s multi-signature contract. For those who don’t know the meaning of this type of contract, we explain briefly. 
• A multi-signature contract is a type of smart contract wallet that requires multiple signatures or approvals from different parties to authorize transactions. Apparently, Pepe developers made some noticeable changes to how their multi-signature contracts work. So, they reduced the number of wallets needed for transaction approval. 
• Furthermore, the reduction was from five to two wallets. Note that for multi-signature contracts, the number of walled addresses needed for approval is very important. The more there are wallet addresses, the less chance of a security breach. Therefore, reducing the number from 5 to 2 wallets came across as malicious intent. Many Pepe holders thought the developers were up to something negative. 
• Apparently, reducing the number of wallet addresses to 2 makes the coin more susceptible to unwanted activities. Moreover, this decision impacted the price of Pepe very well. 

The Price Effect on Pepe 

Coinmarketcap 

• Apparently, the recent news of suspected hacking activity from the developers of the Pepe token is heavily impacting the price. In fact, the current price situation places the token among the top losers in the market. Apparently, this token isn’t having a good time in the market. There are bears, and blood spilled all over the price charts. 
• Starting with the 24-hour charts, Pepe isn’t looking like the token that took the crypto market by storm. In fact, it is starting to look like these are the last days of the token. The price is down by more than 20% in the past 24 hours. This further made the token lose more zeros to stand at $0.0000009084 
• Over the past week, things aren’t looking good for the token, either. It is also down by more than 20%. The monthly charts also have negatives in the charts at more than 30% decline. Apparently, this price decline extends to other metrics. 
• In the market capitalization, Pepe lost more than 20% of its value in 24 hours. But the trading volume increased massively at more than 180%. 

Conclusion 

Pepe is a meme coin having a bad time in the market. Before this bad market situation, there were hypes that this meme coin would become bigger than Dogecoin. But the dream seems dead as the token fell flat in the market. Apparently, a recent decision from the developers made the situation worse. They removed the number of wallets in a multi-signature contract from 5 to 2.