PEPE Price Nosedives 20% as Meme Coin’s Founder Gets Doxxed

Jeremy Cahen, the founder of Not Larva Labs, has doxxed Zachary Testa as the alleged founder of the PEPE meme coin. The news comes with a 19% drop in the coin’s price within the last 24 hours.

  • The news comes after PEPE’s project’s team moved 16 trillion tokens to various crypto exchanges, which triggered uncertainty about the coin’s future, prompting both early buyers and long-term holders to sell.
  • This resulted in PEPE’s value plummeting by double-digit percentages in a day to $0.000000875, according to data from Coingecko.
  • The movement of tokens from a multi-sig wallet linked to the PEPE team added to the speculation. Initially requiring approval from five of eight associated wallets, the address was altered to demand only two approvals before the large transfers occurred.
  • Testa’s connections with major cryptocurrency exchanges, including Binance, have been allegedly confirmed, solidifying his role in the PEPE project.
  • Testa also faced criticism for purchasing an $865,000 purple Lamborghini while allegedly neglecting to share earnings with Matt Furie, the original creator of the PEPE the Frog meme.

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