By Tom Blitzer
Key Insights:
- Pepecoin’s 15% price drop linked to a $16M multisig wallet withdrawal.
- Ex-team members allegedly transfer 16 trillion PEPE tokens to exchanges.
- Market analysis suggests weakening negative momentum potential for PEPE price rebound.
Pepecoin (PEPE) reportedly experienced a 15% price drop on August 24. Sources attribute this decline to a $16 million withdrawal from its multisig wallet, leading to heightened concerns of a potential rug-pull among stakeholders.
The following day, an announcement on X, formerly known as Twitter, was released to provide clarity. In this announcement, an anonymous founding member of Pepecoin attributed the withdrawal to actions taken by three ex-team members.
Inside Pepecoin: Allegations and Responses
According to the provided information, the three individuals didn’t just depart from the project. They allegedly took 16 trillion PEPE tokens, 60% of the 26 trillion in the multisig wallet. These tokens were then reportedly moved to various exchanges.
Further details suggest that these ex-members then dissociated themselves from the multisig. They reportedly deleted their social accounts, leaving a message for the remaining member that read, “The multisig has been updated, you are now in full control.”
The remaining members, in response, communicated to the community about the safety of the 10 trillion PEPE tokens left. There are plans to relocate these funds to another wallet, where decisions about their future will be made.
Since its launch in April, Pepecoin has reportedly faced internal challenges. The founding member mentioned issues with specific team members, describing them as disruptive to the project’s progress. With these members no longer involved, the project’s direction might change.
The member said, “As I process the recent events, I anticipate a different direction for $PEPE, where the community’s interests are prioritized.”
The community’s reactions to these revelations varied. While some showed understanding, others expressed reservations about the authenticity of the claims.
Market Update on Pepecoin
At the time of writing, CoinMarketCap data indicated a notable shift in Pepe’s financial landscape. PEPE experienced a 2.74% rise over the previous 24 hours, positioning its price at $0.0000009035. A trading volume of $86,907,001 accompanied this movement. Regarding market standing, Pepe was ranked at #89, boasting a market capitalization of $354,042,168.
PEPE/USD 1-day price chart (Source: CoinMarketCap)
The Keltner Channel is trending downwards on the 24-hour price chart, with the top, middle, and lower bands touching at 0.00000137, 0.00000110, and 0.00000083, suggesting a significant negative trend in price movement. However, the price movement has rebounded off the bottom range, indicating a possible reversal. This pattern shows that the negative momentum is weakening, and buyers may join the market, leading the price to rise shortly.
With a score of 35.47, the Relative Strength Index (RSI) is moving higher but below its signal line, indicating that selling pressure is diminishing. This might signify a likely upward change in momentum as buyers become more active in the market. If the RSI continues to climb above its signal line and exceeds 50, it will offer more indication of a likely reversal. A reversal of the RSI trend, on the other hand, may indicate that selling pressure is increasing and might lead to additional downward action in the market.
PEPE/USD 1-day price chart (Source: TradingView)
In conclusion, the events surrounding Pepecoin highlight the complexities and challenges within the cryptocurrency sector. As developments unfold, stakeholders remain watchful, awaiting further updates.
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