Pepecoin (PEPE), once a potentially profitable memecoin, has plunged more than 80% in the four months since hitting a record high, Cointelegraph reported. Now, technical analysis suggests that the memcoin could face even greater losses in the coming weeks or months.
On August 24, some Pepecoin developers reduced the number of signatures required in a multi-signature wallet from five to two and then sent $16 million worth of PEPE to a cryptocurrency exchange, suggesting they wanted to sell it.
Market analyst Nebraskangooner said that due to the formation of a descending triangle on the four-hour chart, the price of PEPE may fall to near zero. However, some PEPE investors took advantage of the decline in the token price to buy. Since August 27, the supply of entities holding 10,000 to 100,000 PEPE tokens has risen sharply.
