According to a rise in social debates, the frog-themed cryptocurrency Pepe (PEPE) may be in for further turmoil.
After previous team members were accused of stealing from the project wallet, Pepe’s reputation suffered greatly.
In a recent tweet, on-chain analytics company Santiment called attention to this by noting that Pepecoin has suddenly overtaken all other cryptocurrency topics this weekend as a result of reports that its creators had moved 16 trillion PEPE tokens for exchange sales.
Santiment advises anticipating much greater volatility in light of this.
“If you’re riding the memecoin wave amid these shaky market circumstances, Pepecoin has swiftly risen to the top of the cryptocurrency hot topics this weekend. A former teammate is charged with stealing $16 million. Expect significantly higher than typical volatility,” Santiment tweeted.
The official PEPE X account released a comment on the large token sale, as was previously reported. According to the report, three team members allegedly stole 16 trillion PEPE tokens, or 60% of the 26 trillion multisig tokens, as a consequence of persistent internal strife that started during the project’s first week of operation. The stolen tokens were subsequently delivered to exchanges, where they were bought and traded.
The 10.6 trillion tokens that were still in the PEPE multisig have been moved to a different address, where they will remain secure until being utilised or burnt, according to a subsequent X update from PEPE.
PEPE price action
Between August 24 and 26, PEPE saw a three-day stretch of over 20% declines before marginally recovering to its current level. PEPE was barely up 0.51% in the last 24 hours to $0.00000089 at the time of writing.
Given these circumstances and previous events, price volatility for PEPE may be anticipated. Given that PEPE’s daily RSI has crossed below oversold levels, a recovery or dead cat bounce in the very near future may be a plausible possibility.
In light of this, PEPE may aim for the overhead resistance level of $0.0000013. Support is anticipated at $0.00000078 if, on the other hand, a dead cat bounce occurs with PEPE momentarily gaining before further plunging.
