Pepe Price Forecast: PEPE Losses 17% To Bears – Is The Meme Coin Trend Over?
PEPE faced an unexpected setback on Thursday due to heightened uncertainty and doubts in the market. While PEPE restarted its journey to prominence, the progress slowed in August following increased negative sentiment among investors.
PEPE has recorded a 17% price drop in the last 24 hours and trades at approximately $0.00000087. Also, the meme coin has incurred a 15% seven-day price decline.
In addition, on August 24, the coin closed the day at $0.00000095 but has lost more than 6% today, August 25, dropping to $0.00000087. However, PEPE's price is still over 1,800% higher than its all-time low price.
PEPE's continuous downturn imprints doubts about its longevity among investors.
PEPE Rug Pull Suspicions Arise Amid Multisig Wallet Modifications
The main reason for this decline can be connected to recent changes in PEPE's mutisig wallet and suspicious token movements.This issue raised concerns that PEPE creators might rug-pull on investors.
On August 24, around $16 million worth of Pepe tokens were moved from the developers' wallets to special wallets on different crypto exchanges, making the community very worried.
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
The change in the Multisig wallet transaction approval requirement made people even more worried. Initially, five out of eight wallets needed to agree, but now, only two out of eight are needed, which seems strange.
Any reason why the PEPE multisig wallet changed the threshold to just 2/8 signatures? Seems weird, this isn't standard right?
Also, seems that some has been sent to exchanges pic.twitter.com/1DVZIOvef8
- CryptoNoddy (@Crypto_Noddy) August 24, 2023
This unexpected move was the first time the special multi-sig wallet recorded such a transfer. While the report remains unclear, it caused a significant stir in the ecosystem as investors quickly started selling off tokens, fearing the PEPE team was about to dump on them.
The negative sentiment is a plausible reason behind the meme coin's price trajectory.
Data Shows Whales Continue to Buy the Dip'
Despite PEPE's downfall, large investors remain active, leveraging the low prices to amass more tokens.
IntoTheBlock reported that an unidentified whale spent 320 ETH ($520,000) to acquire 640 billion PEPE tokens on August 25. According to Lookonchain, the whale purchased the PEPE at an average buying price of $0.000001163.
Also, major transactions (more than $100,000) have increased greatly, rising from $10.67 million to $98.4 million.
Source: Tradingview
Based on the chart above, PEPE is under significant bear pressure, evident in the formation of the two red bearish candles. PEPE is below the Bollinger band, indicating a bearish trend.
But, this could be a signal for a bullish reversal as investors might see it as a good entry to buy the dip. In addition, the Moving Average Convergence/Divergence is below the signal line with some red histogram bars, consolidating the bearish signal observed in PEPE's market today.
However, the Relative Strength Index (RSI) at 28.37 in the oversold region implies a possibility of a bullish trend reversal since the asset is currently undervalued.
Interestingly, investors who buy now might make a 47% profit when Pepe rallies to the $0.0000013 price level. However, traders should consider other metrics before making trading decisions, as the crypto market is highly volatile and requires more than technical analysis.
Wall Street Meme Crosses Over $26 Million in Its RoundThe token presale for Wall Street Memes ($WSM) has exceeded expectations, amassing more than $26 million from enthusiastic investors eager to participate before its closure.
>>>Visit Wall Street Memes Presale
Through strategic marketing and an actively engaged online community, Wall Street Memes has surpassed predictions, paving the way for an eagerly awaited exchange listing in the upcoming weeks.
As the $WSM presale approaches its concluding phase, numerous community members foresee the potential for the token to emerge as the next influential meme coin in the cryptocurrency market.
Passive Income for Token HoldersThe team behind Wall Street Memes has introduced a staking protocol that enables holders of $WSM to generate impressive yields of up to 134% by staking their tokens for a set period.
The adoption of this staking mechanism is experiencing rapid growth, evident from the fact that approximately 150 million $WSM tokens have already been staked.
Staking has the potential to play a major role in Wall Street Memes, as it encourages the retention of $WSM tokens to earn passive income. Interestingly, these objectives have naturally garnered the interest of influential figures within the online community.
Prominent personalities such as Joe Parys Crypto, boasting a subscriber count exceeding 380,000 on YouTube, have expressed the view that $WSM holds the potential to become the next meme coin with a 100x growth."
With a mere 36 days remaining until $WSM's highly anticipated launch on several Tier-1 exchanges, the presale phase is gaining momentum as it approaches its maximum funding goal of $29.8 million.
The last phase of Wall Street Memes' presale is underway, offering tokens at a fixed rate of $0.0337 each. Interested investors can acquire $WSM by visiting this website.
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