The PEPE Coin community is in a state of concern as the developer team moves a substantial number of coins to centralized exchanges, raising fears of a possible rug-pull situation.
PEPE Coin, the deflationary memecoin that took the cr•ypto world by storm earlier this year, has recently witnessed a surge in network activity. However, reports have surfaced that the developer team is offloading a significant porti of their holdings. #Positive
According to data from Etherscan, the PEPE team's wallet transferred a staggering 1 6 trillion PEPE tokens, equivalent to a whopping $15.08 million, to four cryptocurrency exchanges. As a result, the price of the PEPE token experienced a sharp decline of 15%. #pepe
Adding to the concerns, the PEPE multi-signature wallet underwent a change in configuration, raising eyebrows among investors. A total of 29 trillion PEPE tokens, amounting to 6.9% of the team's holdings, were moved to the exchanges.
While the motive behind these developments remains unclear, investors are understandably worried about the possibility of a rug-pull scenario. A rug pull refers to a deceptive scheme where cryptocurrency or NFT project develope v attract investments and then vanish, leaving investors with worthless assets.
However, some analysts, like @ethx_o, believe that this may not be a rug pull situation. According to @ethx_o, the majority of PEPE token holders are exchanges, minimizing the risk of a traditional rug pull. The token truly belongs to the community. #crypto2023
The Price of PEPE Takes a Hit, Falling 20%
Unsurprisingly, the recent developments have had a significant impact on the price of PEPE Coin, which has plummeted by 20%. Currently trading at $0.0000008749, the coin has been following a bearish trend for months and is likely to test its previous lows around $0.0000008 in June. Short- term forecasts suggest a negative outlook.
Despite the price decline, the underlying fundamentals of PEPE Coin remain strong. Etherscan data shows a steady increase in the number of token holders, nearing an impressive 140,000. This indicates that retail investors are still interested in acquiring the coin. As the value of $PEPE drops further, more investors may seize the opportunity to buy the dip and enter the market.