Pepe

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  A mix of on-chain, fundamental, and technical indicators hint at a continuing Pepe price decline ahead. 
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<div class="cointelegraph"> 
 <p>Pepecoin (PEPE) <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> has crashed nearly 85% from its record high of $0.00000448 in May 2023. What's more, its bearish momentum is likely to <a rel="noopener noreferrer nofollow" title="continue" href="https://thebittimes.com/tag/continue.html">continue</a> in September.&nbsp;</p> 
 <h2 id="back-to-back-pepecoin-security-breaches">Back-to-back Pepecoin security breaches</h2> 
 <p>Pepecoin has suffered two concerning security breaches in the last two weeks.</p> 
 <p>First, on Aug. 24, Pepecoin's rogue founding team members transferred $16 million worth of PEPE tokens to exchanges to potentially sell them. That created concerns across the community about a potential "rug pull scam," causing a 30% decline in the PEPE market. </p> 
 <p>Then, on Sep. 9, Pepecoin's official X (aka Twitter) handle confirmed that an anonymous entity dubbed "lordkeklol" had hacked their accredited Telegram channel.&nbsp;</p> 
 <blockquote class="twitter-tweet"> 
  <p lang="en" dir="ltr"> $PEPE Announcement<br><br>The old telegram for $PEPE is hacked and no longer in our control. The “lordkeklol” account has been compromised. Whoever has gained access to this account is using it to push scams and deceive people and launch other coins. This person is lying and… pic.twitter.com/jxlYwoSP1Q</p>— Pepe (@pepecoineth) September 9, 2023 
 </blockquote> 
 <p>PEPE <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> has dropped over 12% since the news, hinting that the back-to-back security breaches have eroded investors' confidence in the memecoin project.</p> 
 <h2 id="pepe-whales-exit">Pepe whales exit</h2> 
 <p>More evidence about Pepecoin's investors leaving the project comes from the token's supply distribution data.</p> 
 <p>Notably, addresses with a balance between 100 million and 1 billion PEPE (the blue wave in the chart below) control the token's maximum circulating supply — about 96.5% of it. The supply held by this cohort has dropped substantially since the "rug pull" concerns emerged.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/09/10/781a2bb4fc3f3f972de64c6ae4104070.webp"> 
  <figcaption style="text-align: center;"> <em>PEPE supply distribution among addresses holding more than 1,000 tokens. Source: Santiment</em> 
  </figcaption> 
 </figure> 
 <p>This whale departure from the project could further erode buying sentiment in the PEPE market.</p> 
 <h2 id="descending-triangle-breakdown">Descending triangle breakdown</h2> 
 <p>From a technical perspective, PEPE has entered the breakdown stage of what it appears to be a descending triangle pattern.</p> 
 <p><em><strong>Related: Exploits, hacks and scams stole almost $1B in 2023: Report</strong></em></p> 
 <p>A descending triangle in a downtrend is looked as a bearish continuation pattern. The pattern resolves when the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> breaks below its lower trendline and falls by as much as the height between the triangle's upper and lower trendline.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/10/208c05aae990a8c8841be180a8bfd28a.webp"> 
  <figcaption style="text-align: center;"> <em>PEPE four-hour price chart. Source: TradingView</em> 
  </figcaption> 
 </figure> 
 <p>As a result of this technical setup, PEPE <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> risks falling to $0.00000064 in September 2023, down about 12% from current <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> 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="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/3-reasons-why-pepe-price-will-continue-to-fall-in-september-tbt62177.html">https://thebittimes.com/3-reasons-why-pepe-price-will-continue-to-fall-in-september-tbt62177.html</a></p>

3 reasons why Pepe price will continue to fall in September

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