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3 reasons why Pepe price will continue to fall in September

September 10, 2023 Coin Telegraph

Coin Telegraph

A mix of on-chain, fundamental, and technical indicators hint at a continuing Pepe price decline ahead.

Pepecoin (PEPE) price has crashed nearly 85% from its record high of $0.00000448 in May 2023. What's more, its bearish momentum is likely to continue in September.

Back-to-back Pepecoin security breaches

Pepecoin has suffered two concerning security breaches in the last two weeks.

First, on Aug. 24, Pepecoin's rogue founding team members transferred $16 million worth of PEPE tokens to exchanges to potentially sell them. That created concerns across the community about a potential "rug pull scam," causing a 30% decline in the PEPE market.

Then, on Sep. 9, Pepecoin's official X (aka Twitter) handle confirmed that an anonymous entity dubbed "lordkeklol" had hacked their accredited Telegram channel.

❌❌ $PEPE Announcement❌❌

The old telegram for $PEPE is hacked and no longer in our control. The “lordkeklol” account has been compromised. Whoever has gained access to this account is using it to push scams and deceive people and launch other coins. This person is lying and… pic.twitter.com/jxlYwoSP1Q
— Pepe (@pepecoineth) September 9, 2023

PEPE price has dropped over 12% since the news, hinting that the back-to-back security breaches have eroded investors' confidence in the memecoin project.

Pepe whales exit

More evidence about Pepecoin's investors leaving the project comes from the token's supply distribution data.

Notably, addresses with a balance between 100 million and 1 billion PEPE (the blue wave in the chart below) control the token's maximum circulating supply — about 96.5% of it. The supply held by this cohort has dropped substantially since the "rug pull" concerns emerged.

*PEPE supply distribution among addresses holding more than 1,000 tokens. Source: Santiment*

This whale departure from the project could further erode buying sentiment in the PEPE market.

Descending triangle breakdown

From a technical perspective, PEPE has entered the breakdown stage of what it appears to be a descending triangle pattern.

A descending triangle in a downtrend is looked as a bearish continuation pattern. The pattern resolves when the price breaks below its lower trendline and falls by as much as the height between the triangle's upper and lower trendline.

*PEPE four-hour price chart. Source: TradingView*

As a result of this technical setup, PEPE price risks falling to $0.00000064 in September 2023, down about 12% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Rogue Pepecoin team members blamed for $16M PEPE multsig withdrawal

August 26, 2023 Coin Telegraph

Rogue Pepecoin team members blamed for M PEPE multsig withdrawal

Coin Telegraph

In an announcement to the PEPE community, it was claimed that three former members stole funds from the project and then handed over full control to the sole remaining member.

The circumstances behind the mysterious $16 million withdrawal from the Pepecoin (PEPE) project’s multisig wallet have seemingly been revealed, with the finger being pointed at three ex-team members who went rogue.

On Aug. 24, the price of PEPE plunged by roughly 15% amid fears of a potential rug-pull after the community spotted that $16 million worth of PEPE was withdrawn from the Pepe multisig wallet and sent to several exchanges.

1/4

1 hour ago, the Pepe multisig wallet, changed the amount of signatures required on their multisig from a 5/8 to 2/8. This comes after sending $15.7 million worth of $PEPE to exchanges.

A breakdown of what we know: pic.twitter.com/bxBxp6Nzqz
— ASXN (@asxn_r) August 24, 2023

Clearing up the matter in an Aug. 25 post on X (Twitter), one of the anonymous founding members behind Pepecoin provided a community announcement from the @pepecoineth account, detailing what they claim had happened.

According to the statement, three team members abruptly stole the funds from the multisig and then abandoned the project completely, leaving it in full control to the sole remaining member.

“The multi-sig was set up to require 3/4 signers present for an approval. Yesterday these 3 ex-team members came back behind my back, logged onto the multi-sig, stole 16 Trillion/ 60% of the 26 trillion multi-sig tokens, and sent them to exchanges to sell.”

“They then removed themselves from the multisig in an attempt to absolve any association to $PEPE, deleting all of their social accounts and leaving me behind nothing but a message stating ‘the multisig has been updated, you are now in full control,’” they added.

an announcement to the $PEPE community:

Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX
Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… pic.twitter.com/iZmXV1TAvw
— Pepe (@pepecoineth) August 26, 2023

The founding member claimed that the X account and the remaining 10 trillion PEPE in the multsig are now in safe hands, with the funds set to be transferred to a new wallet where “they will safely rest until a use or burn arises.”

It was also asserted that these former members were difficult to work with since Pepecoin launched in April, and had held the project back from progress on its various targets.

Moving forward, the remaining member claimed they will do what’s right for the PEPE community now that the bad actors have gone.

“Since its inception, $PEPE has unfortunately been plagued by inner strife with a portion of the team being bad actors led by big egos and greed,” they said, adding that:

“As I process what has happened, I look forward to a future for $PEPE where I will be able to operate with the community and tokens’ best intention in mind and no negligent team members and locked multisig situation blocking me from doing what is best.”

The telegram group for $PEPE is currently locked down, the old telegram account for the group owner was hacked and the group was taken over. In the process of trying to regain access or make a new one. All official communication for $PEPE will take place via the @pepecoineth… pic.twitter.com/lQFTu02jub
— Pepe (@pepecoineth) August 26, 2023

The reaction was mixed in the comments, with some in support or bullish on the announcement, while others were questioning the truth of these claims.

*Comments on the Pepecoin announcement. Source: X*

At the time of writing, the price of PEPE has increased by 5.7% over the past 24 hours to sit at $$0.000000895278, with a current market cap of $382.7 million according to data from CoinGecko.

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Trader Reiterates Warning on Altcoins As Dogecoin Rival Crashes Over 25% in Hours, Updates Outlook on Bitcoin

August 25, 2023 The Daily Hodl

Pepecoin (PEPE) vs. Dogecoin (DOGE): Is a flippening on the horizon?

June 23, 2023 Coin Telegraph

Coin Telegraph

PEPE quietly pulled off a 100% rally earlier this week, raising questions on whether the frog-themed memecoin will become a serious Dogecoin competitor.

A few months ago Pepecoin came and went, bringing quick, unimaginable riches to early investors and turning latecomers into reluctant bag holders.

While the chart resembles the standard crypto pump-and-dump scheme, Pepecoin’s (PEPE) price action this week suggests that the frog-themed token could be the newest contender to Dogecoin (DOGE) in the memecoin sector.

Dogecoin has dominated the memecoin space for years. Many copycats of dog-themed tokens, like Shiba Inu (SHIB) and Floki (FLOKI), have challenged DOGE’s position over the years but eventually faded.

SHIB briefly surpassed DOGE in market capitalization after rising 1,000% to a peak valuation of $41.1 billion on Oct. 28, 2021. At the time, Dogecoin’s market capitalization was $31.5 billion.

However, the near-vertical rally faded in the following weeks, and Dogecoin reclaimed its top spot in the memecoin category.

Presently, Dogecoin ranks ninth in the cryptocurrency space concerning market capitalization, with Shiba Inu trading at less than half of Dogecoin’s valuation.

*The top three memecoins by market capitalization. Source: CoinGecko*

A new entrant in this segment launched on April 15. A frog-themed ERC-20 token on Ethereum, Pepecoin, has made it to the top 100 coins by market capitalization.

PEPE hops in to steal the show

PEPE also led the sector’s gains in the latest crypto rally amid a flurry of Bitcoin exchange-traded fund fillings in the United States.

The token’s gains were accentuated by hints dropped by the U.S.-based Gemini exchange of a potential PEPE coin listing.

Feeling pepish about something coming soon… pic.twitter.com/PEwsTOVT22
— Gemini (@Gemini) June 22, 2023

The 100% increase recorded by PEPE from $0.000000833 on June 20 to $0.00000167 in less than a week might be due to hopes around future listings on U.S. exchanges like Coinbase.

While PEPE enjoys bullish momentum, let’s look at its performance compared to DOGE over the past two months.

Will Pepecoin flip Dogecoin?

Pepecoin rose to prominence in May 2023, leading the memecoin hype on Ethereum. While there have been previous attempts at frog-themed tokens and nonfungible tokens (NFTs), this version became particularly popular in a very short time span.

Pepecoin peaked at 13.8% of Dogecoin’s market capitalization on May 6; however, it has been in a down-only trend since.

The token picked up momentum with the latest bullish move in Bitcoin (BTC) above $30,000, leading the market’s gains with a 100% increase from a valuation of $393 million on June 20 to $786 million on June 23.

The token’s market share in terms of Dogecoin’s market capitalization increased from 6% to 7% on June 23.

*PEPE’s market capitalization as a percentage of DOGE’s market capitalization from April 15 to June 22. Source: CoinGecko*

Concerning trading volumes, PEPE led DOGE during the memecoin hype on Ethereum. At its peak, PEPE reached highs of over $1.5 billion, around four times that of DOGE.

However, Pepecoin’s trading volume dried up after the memecoin hype cooled down, falling below Dogecoin. The potential listing on U.S.-based exchanges could likely improve Pepecoin’s trading volumes over the coming months.

*Comparing the trading volumes of PEPE and DOGE. Source: CoinGecko*

The Google keyword search trend for Dogecoin and Pepecoin shows that the interest in Pepecoin nearly reached par with Dogecoin in the first week of May.

However, the volume of “Pepecoin” searches on Google has subsided since then, with “Dogecoin” maintaining a seven to eight times higher average than PEPE.

The Google trend score for Dogecoin (in red) and Pepecoin (in blue). Source: Google

Pepecoin also enjoys certain advantages over Dogecoin, including that it resides natively on Ethereum, which means it can see future integrations with Ethereum’s decentralized finance and NFT ecosystem.

Moreover, Pepecoin has a fixed supply of 420.69 trillion, while Dogecoin uses a proof-of-work consensus mechanism and has a fixed yearly issuance of 5 billion coins.

However, based on its market capitalization and popularity on Google, Pepecoin still has a long way to go before it becomes a mainstream memecoin like Dogecoin.

On top of that, Dogecoin enjoys a first-mover advantage and network-effort dominance, having been around for over eight years, while Pepecoin is only a couple of months old.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

‘Super Memecoin Hunter’ Makes 3,200% Gains on Shiba Inu (SHIB) Rival for Seven Figure Profits: On-Chain Data

May 23, 2023 The Daily Hodl

Memecoin mania: Social relevance, speculation drives PEPE surge

May 5, 2023 Coin Telegraph

Coin Telegraph

Memecoins are back in the headlines as PEPE booms, taking the market capitalization of speculative tokens over $20 billion.

Memecoins have been part and parcel of the cryptocurrency space since the inception of Dogecoin back in 2013, with fortunes made and ruined in equal measure. But a new token on the block caused a stir in recent weeks, as Pepe (PEPE) grabs a chunk of the memecoin market share from plucky investors.

As previously reported by Cointelegraph, PEPE saw a 2,000% boom in value following its launch in late April 2023. The token’s rally is primarily attributed to zealous memecoin hype, with the project widely shared on Twitter over the past month.

Today. $PEPE #MMGA pic.twitter.com/Adf0Vem8B3
— Pepe (@pepecoineth) April 14, 2023

The Pepe website itself is brandished with a closing disclaimer, labeling PEPE as “a meme coin with no intrinsic value or expectation of financial return.“ The project also stipulates that it has no formal team or roadmap and that the token is “completely useless and for entertainment purposes only.“

Data analytics firm Nansen provided insightful data and key takeaways following the rise of PEPE’s market capitalization. Research analyst Xin Yi estimated that the total memecoin market value is around $20 billion, with the top five tokens, Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, Baby Doge Coin (BABYDOGE) and Floki (FLOKI), accounting for over $18 billion of the value.

*PEPE token has spiked in value since in launch, eclipsing the likes of DOGE and SHIB. Source: Nansen Query*

Data provided from Nansen Query shows the massive spike in token value and market capitalization of PEPE in relation to the other top five memecoins. Yi also notes that the infographic does not paint a complete picture, given that the data for PEPE reflects its listing on CoinGecko, which came a couple of weeks after its inception.

*PEPE’s market capitalization surged by 400% since its inception. Source: Nansen Query*

Yi told Cointelegraph that the social aspect of memecoins remains a significant driver of investor sentiment and action, highlighting the likes of Elon Musk’s infamous Dogecoin touts and rampant Twitter bots driving memecoin hashtags to relevance on Twitter:

“Since memecoins have no intrinsic value, it relies on catalysts such as social relevance and also events like 4/20, which is known as DOGE day, can affect the prices of the token as well.”

As previously explored, Nansen provides data analytics and insights into “smart money” cryptocurrency traders and holders by labeling wallets and tracking trades. The rise of PEPE has also attracted a significant number of smart money holders, as per on-chain data highlighted by Yi. She added that a few thousand traders might benefit from the surge in the value of memecoins, which is a gamble given that many other memecoins are pump-and-dump or rug-pull schemes:

“Nonetheless, gains on one good coin can easily surpass the cost of the other ‘failed’ coins, which is probably why these memecoins remain attractive for most traders to ape into. Hence, it really depends on the investor’s risk appetite.”

Nevertheless, Yi also pointed out that the inherent risk of memecoins often leads to liquidity crunches, where major tokenholders dump their holdings, leaving smaller investors reeling from losses.

A number of cryptocurrency exchanges listed PEPE in the wake of its launch and subsequent investor appeal, including the likes of OKX, MEXC Global, Bitget, Gate.io and Huobi.

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Pepecoin

Back-to-back Pepecoin security breaches

Pepe whales exit

Descending triangle breakdown

PEPE hops in to steal the show

Will Pepecoin flip Dogecoin?

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