According to Cointelegraph: Pepecoin (PEPE), a once highly profitable memecoin, has experienced a decline of more than 80% since its record high four months ago. Technical indicators now suggest that the memecoin could face even larger losses in the coming weeks or months. On August 24, several Pepecoin developers allegedly altered the number of signatures needed to move tokens from their multi-sig wallet, sending $16 million worth of PEPE to crypto exchanges. This action led some market analysts to suspect an impending rug pull, raising concerns that the PEPE price may crash to zero in 2023. Previous rug pulls, such as the native token of Multichain's cross-chain bridging protocol, MULTI, have seen significant declines due to similar allegations. Market analyst Nebraskangooner suggests that PEPE's price could soon plummet to nearly zero due to a descending triangle formation on the four-hour chart. However, some PEPE investors have taken advantage of the token's price decline to buy the dip, with the supply held by entities with a balance between 10,000 and 100,000 PEPE tokens increasing significantly since August 27. Despite the bearish outlook, there is a possibility of a market rebound at the current accumulation area around $0.00000085, given PEPE's oversold relative strength index (RSI).