A combination of on-chain, fundamental, and technical indicators suggests that Pepecoin (PEPE) is likely to continue its price decline. The altcoin has already experienced an 85% crash from its record high in May 2023. Recent security breaches, including a potential “rug pull scam” and a hack of the official Telegram channel, have further eroded investor confidence, leading to a 12% drop in price. Additionally, data shows that large PEPE holders, known as whales, have been exiting the project, which could further impact buying sentiment. From a technical standpoint, PEPE has entered the breakdown stage of a descending triangle pattern, indicating a bearish continuation. Based on this pattern, the price could potentially fall to $0.00000064 in September 2023, representing a 12% decrease from current levels. It’s important to note that this article does not provide investment advice and readers should conduct their own research before making any decisions.
Summary:
– Pepecoin (PEPE) price has dropped 85% from its record high in May 2023.
– Recent security breaches, including a potential scam and a hack of the official Telegram channel, have caused a decline in investor confidence.
– Large PEPE holders have been exiting the project, impacting buying sentiment.
– From a technical perspective, PEPE has entered the breakdown stage of a descending triangle pattern, indicating a bearish continuation.
– The price could potentially fall to $0.00000064 in September 2023, down 12% from current levels.