Pull the peg out, sand it very lightly to remove the excess wax, and replace.
If the peg does not fit, it must be sharpened with a special tool,
and possibly the holes reamed.
I never use peg goop, and my pegs very rarely move.
However, pegs to "frap" to use Mace's word, mostly when you dive into
It's called "frapping" among gambists and violinists and happens all the
time. Bass gambists will press their heads against the neck of the
instrument while turning the pegs on the side opposite to provide the
pressure needed to prevent frapping. On the bass side the gambist will use
the index