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PEPE Coin Experiences Fluctuations Due to Alleged Developer Liquidations and High Network Engagement
PEPE Coin, a well-known memecoin that surfaced earlier this year, is witnessing a spike in trading volume and dubious transactions. Recent information indicates that its development team might be liquidating a significant portion of its holdings, which has raised alarms among investors.
As per the latest Etherscan data, the wallet of the PEPE development team transferred an astonishing 16 trillion PEPE tokens, valued at approximately $15.08 million, across four prominent cryptocurrency exchanges. This substantial transfer led to a 15% decline in the price of the PEPE coin.
Adding to the complexity, the structure of PEPE’s multi-signature wallet was altered from a 5/8 configuration to a simpler 2/8 setup. This adjustment was succeeded by a transfer of roughly 6.9% of the tokens, amounting to 29 trillion, from the team’s wallet, with a total of 18.3 trillion tokens dispatched to various exchanges.
While the rationale behind these alterations remains unclear, the cryptocurrency community is bracing for possible upheaval. The risk of a “rug-pull” – a fraudulent tactic where crypto or NFT developers lure investors and then abruptly disappear with their funds – is a significant concern.
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Nevertheless, not all observers view these actions as alarming. According to notable crypto analyst @ethx_o, “not everything appears dire with $PEPE.” Exchanges like OKX and Binance rank among the leading holders. Additionally, since the circulating supply mirrors the maximum supply, the usual risk of a ‘rug’ scenario seems minimal. The token is fundamentally owned by its extensive community.
Despite these reassurances, the price of PEPE Coin has sharply declined. It is currently trading at a low of $0.0000008749, reflecting a 20% drop. The token’s performance in recent months has been downward, with the potential of revisiting its June lows near $0.0000008. Short-term predictions cast a negative outlook on its future.
However, there is still hope for PEPE. Data from Etherscan reveals a positive trend: the number of PEPE holders is nearing an impressive 140,000, steadily increasing even without significant token appreciation. This trend suggests that retail investors remain keen on incorporating PEPE into their portfolios. Moreover, if its value continues to decline, there may be an influx of new investors seeking to capitalize on the downturn.
PEPE Coin’s narrative illustrates the fluctuations that cryptocurrencies face in the volatile landscape of digital assets. Only time will reveal its fate in this dynamic market.
The post PEPE Coin Faces Volatility Amidst Suspected Developer Sales and Strong Network Activity appeared first on BitcoinWorld.
