Pepe

Encryption AI

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  Some Pepecoin hopefuls eye a massive PEPE price rebound with on-chain data showing strong accumulation in recent days. 
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<div class="cointelegraph">
 <p>Pepecoin (PEPE), once an extremely profitable <a rel="dofollow" title="memecoin" href="https://thebittimes.com/tag/memecoin.html">memecoin</a>, has plunged by more than 80% four months after its record high. Now, technicals suggest that the memcoin could be at risk of even bigger losses in the coming weeks or months.</p>
 <h2 id="pepecoin-faces-rug-pull-allegations">Pepecoin faces rug pull allegations</h2>
 <p>On Aug. 24, several rogue Pepecoin developers changed the number of signatures required to move tokens from their multi-sig wallet from five-out-of-eight to two-out-of-eight. Then, they sent $16 million worth of PEPE to crypto exchanges, suggesting that they wanted to sell.</p>
 <p>A segment of market analysts viewed these mov as a hint of an impending "rug pull," raising fears that the PEPE price may crash to zero in 2023.&nbsp;</p>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Another meme coin, another rug pull. <br>Honestly what do you expect when you put your money on these scams?$pepe</p>— Wolf (@IamCryptoWolf) August 26, 2023
 </blockquote> 
 <p>Previous "rug pulls" such as MULTI, the native token of Multichain's cross-chain bridging protocol, has dropped nearly 98% from its peak. The decline has appeared partially due to <a rel="dofollow" title="allegations" href="https://thebittimes.com/tag/allegations.html">allegations</a> that Multichain's $125 million hack in July 2023 was part of a broader <a rel="dofollow" title="rug-pull" href="https://thebittimes.com/tag/rug-pull.html">rug-pull</a> scam.</p>
 <p>Similarly, in July 2023, a crypto developer associated with the Encryption AI project committed a $2 million rug-pull fraud. As a result,&nbsp;the Encryption AI token, 0XENCRYPT, crashed 99% to an all-time low of $0.02.</p>
 <h2 id="pepe-price-paints-deadly-descending-triangle">PEPE price paints deadly descending triangle</h2>
 <p>Market analyst Nebraska Gooner suggests that PEPE price could soon plunge to nearly zero due to a descending triangle formation on the four-hour chart.</p>
 <p>A descending triangle in finance is a bearish continuation pattern characterized by the simultaneous formation of a falling trendline resistance and horizontal trendline support. It resolves after the <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> decisively breaks below the support and falls by as much as the triangle's maximum height.</p>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">$PEPE<br><br>Descending triangle breaking down.<br><br>Send this ponzi to zero https://t.co/ZiCp23FJTs pic.twitter.com/CJKaL2Agxx</p>— Nebraskangooner (@Nebraskangooner) August 28, 2023
 </blockquote> 
 <p>This puts the bearish target for PEPE's descending triangle at nearly zero.</p>
 <h2 id="pepe-hopefuls-buy-the-dip">PEPE hopefuls buy the dip</h2>
 <p>On a brighter note, some PEPE investors have used the token's <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> decline as an opportunity to buy the dip.&nbsp;Notably, the supply held by entities with a balance between 10,000 and 100,000 PEPE tokens has jumped substantially since Aug. 27.</p>
 <figure>
  <img src="https://cdn.thebittimes.com/images/2023/08/29/5d64b307c9c9abe9fbbdf1d423987f5f.webp">
  <figcaption style="text-align: center;">
   <em>PEPE supply distribution. Source: Santiment</em>
  </figcaption>
 </figure>
 <p>This accumulation is underway as Pepecoin hopefuls assert that the market can absorb any further selling pressure from the token devs.&nbsp;</p>
 <p>"The @pepecoineth devs used to hold 6% of the PEPE and sold 16T tokens equaling 4% of the supply," noted Kenobi, a Pepe investor, adding: </p>
 <blockquote>
  "No other wallet (besides exchanges) holds more than 0.9% of the supply, except the Pepe&nbsp;dev wallet, which now holds 2%. This is long-term bullish for PEPE. SELL THE REMAINING 2%!!!
 </blockquote>
 <p>Technically, PEPE trades near a recognized accumulation area around $0.00000085 that witnessed a 120% <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> rally during the June-July 2023 session. Thus, chances of a market rebound at this level are high given PEPE's oversold relative strength index (RSI).</p>
 <figure>
  <img src="https://cdn.thebittimes.com/images/2023/08/29/3c3db8dd9fb66ad0b5b7aa5f16ef425d.webp">
  <figcaption style="text-align: center;">
   <em>PEPE/USDT daily price chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <p>If PEPE price bounces here, then the next upside target comes to be its 50-day exponential moving average (50-day EMA; the red wave) near $0.00000121 in 2023, up around 45% from the current price levels.</p>
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. </p>
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/pepe-price-to-zero-pepecoin-rug-pull-allegations-put-memecoin-at-risk-tbt60794.html">https://thebittimes.com/pepe-price-to-zero-pepecoin-rug-pull-allegations-put-memecoin-at-risk-tbt60794.html</a></p>

PEPE price to zero? Pepecoin rug-pull allegations put memecoin at risk

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