Pepecoin Price Crashes 85% from Record High, Bearish Momentum Expected to Continue

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This article has been republished with permission from Binance News.

According to Cointelegraph, Pepecoin (PEPE) has experienced a significant price crash, dropping nearly 85% from its record high of $0.00000448 in May 2023. The bearish momentum is expected to continue in September, following two recent security breaches. On August 24, rogue founding team members transferred $16 million worth of PEPE tokens to exchanges, raising concerns about a potential ‘rug pull scam’ and causing a 30% decline in the PEPE market. On September 9, Pepecoin’s official Twitter handle confirmed that an anonymous entity had hacked their accredited Telegram channel, leading to a further 12% drop in PEPE price.

Pepecoin’s supply distribution data reveals that investors are leaving the project, with the supply held by addresses controlling 96.5% of the token’s maximum circulating supply dropping substantially since the ‘rug pull’ concerns emerged. This whale departure could further erode buying sentiment in the PEPE market. From a technical perspective, PEPE has entered the breakdown stage of a descending triangle pattern, which is considered a bearish continuation pattern. As a result, PEPE price risks falling to $0.00000064 in September 2023, down about 12% from current price levels.



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