PEPE Sheds 6% on Thursday – Are Meme Coins Doomed?

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Meme coins are not exempt from the current bearish sentiments in the crypto market, as PEPE has dropped significantly. At 4:57 am EST, Pepe coin (PEPE) is trading at $0.0000008746, a 20.20% decrease in the last 24 hours.

Considering this decrease in the meme, investors are concerned about the token’s price action changes. Is market volatility to blame here, or are meme coins set for doom?

PEPE Loses Its Balance Overnight, Drops Over 6%

The arrival of PEPE in the crypto market this year was an excellent boost for meme coins, as the coin rose to prominence, attracting investors to its platform.

However, according to CoinGecko’s historical data, it seems Christmas is over for the asset, with its price performance gradually slipping. In the past 7 and 14 days, PEPE dropped 19.8% and 28.2%, respectively, while recording a 29.2% bearish trend within a 30-day timeframe.

Yesterday, August 24, the coin closed the day at $0.0000009452, shedding over 6%. Although PEPE is still at least 1800% up from its launch price, the project’s community cannot overlook the recent developments raising concerns in the coin’s market.

PEPE Shows Lukewarm Behavior Breaking Below Lower Bollinger Band While RSI Flattens

PEPE’s market negativity is evident in its critical indicators. The meme coin’s price is recording increased selling pressure, as depicted by the red candlestick formation on the chart.

Its price sitting below the lower Bollinger band shows that PEPE has dropped to the oversold market region (below 30), suggesting more price drops in the coming days.

Also, the Moving Average Convergence Divergence (MACD) indicator is below the signal line and has bold red histogram bars. This shows that PEPE’s bearish momentum has strengthened during the past two days. Also, this bearish MACD suggests that the meme coin will likely dip further before today ends.

Conversely, PEPE’s Relative Strength Index (RSI) has flattened at 28.13, slowing its downward movement in the oversold zone. This implies that the coin could be planning its revival, pushing its price up again in the coming weeks.

Also, since many traders and investors would prefer to enter the market at PEPE’s low price, this meme coin could see increased buying activities at its low price level, triggering a bounce in the long run.

Although this signifies potential trend reversal, traders and investors should devise strategic trade setups to make the most of their trading decisions.

PEPE’s Support and Resistance Levels

PEPE is a few pips near its critical support level at $0.0000008909, confirming its potential for a price rebound. If traders and investors start buying more units of PEPE coin at this price, this will trigger an increase in trading activities and buying pressure, fueling the coin’s trend reversal.

However, if the price breaks below this support, PEPE may continue downward, losing more price and triggering more fear across its community and market.

Nevertheless, PEPE’s resistance is at $0.000001073, which means the coin still has a long way to rally before sellers enter the market.

Possible Trouble Looming Ahead as Suspicious PEPE Transactions Worry Investors

Reportedly, yesterday, August 24, Pepe tokens valued at $16 million were transferred from the developers’ multi-sig wallet to several cryptocurrency exchanges.

According to information provided by Safe Global’s blockchain custody application, the wallet address moved 16 trillion Pepe tokens, accounting for 3.8% of the overall supply.

These tokens were distributed among three exchanges and an unverified wallet address. Specifically, the data indicates that $8.2 million worth of Pepe tokens were sent to OKX, $6.5 million to Binance, and $434,000 to Bybit. Additionally, an unidentified wallet received $400,000 worth of Pepe tokens.

After transferring these 16 trillion Pepe tokens to the exchanges, the developers made an interesting alteration to the team’s multi-sig wallet.

Analysis from Etherscan reveals that the wallet now permits only two out of the initial eight (2/8) signatures, a change from the previous requirement of five out of eight (5/8), to authorize any transfers from the wallet.

This was the first time the project had ever performed such activities on their multi-sig accounts, and as expected, investors immediately got riled up, dipping PEPE’s price by over 13%.

Any reason why the PEPE multisig wallet changed the threshold to just 2/8 signatures? Seems weird, this isn’t standard right?
Also, seems that some has been sent to exchanges pic.twitter.com/1DVZIOvef8
— CryptoNoddy (@Crypto_Noddy) August 24, 2023

Despite this, the project developer’s team has remained quiet on the issue, with no reasons given for these transactions and changes.

Notably, the project’s last official post was on August 12, where they shared the token’s image update on their Etherscan and DexToolsApp platforms.

The token image for $PEPE has been updated on @etherscan and @DEXToolsApp. Currently waiting on @CoinMarketCap to update, and would like to ask @kucoincom @lyu_johnny to update the logo to the green Pepe as well🐸 pic.twitter.com/2LCweFtwEM
— Pepe (@pepecoineth) August 11, 2023

Many investors already voicing their opinions are describing the recent incident as a rug-pull act, and their faith in PEPE may be hitting rocks.

Given their unsatisfactory performances lately, these community sentiments may affect Pepe Coin and the general meme coin market like a contagion. But while PEPE and other meme coins may likely be set for doom, investors can settle for newer alternatives in presales to guarantee quicker ROIs.

Sonik Coin Could Be Next Meme Coin Savior

Amid the ongoing market slowdown, a super-fast and captivating meme token, Sonik Coin ($SONIK), has surprisingly emerged, gathering over $400,000 during its token presale phase. This feat is comparable to its predecessors, like PEPE, SPONGE, and HPOSI10.

The project introduces a lightheartedness often linked with meme coins within the cryptocurrency space.

As the project’s whitepaper outlines, Sonik Coin highlights its rapid transaction capabilities while boasting swift market progress. Its goal is to reach a remarkable $100 million market cap from zero, and investors around the community are watching with rapt attention.

11 Days To Go for Super Sonik to Hit $2 Million Presale Hard Cap

The rate at which Sonik Coin’s presale is amassing funds aligns with the attributes commonly associated with meme coins. In a word, super-fast. As such, this presale activity has established a sum of over $468k for the $SONIK token, with more to be expected in the remaining 11 days.

Since the countdown was integrated two days ago, the speed has been incredible, with top influencers on YouTube hailing the project. While SONIK is expected to go even faster after launch, growing at least 10x, potential investors can make purchases now.

Given the token’s valuation at $0.000014 during the presale period, a modest investment of $1 translates to an approximate acquisition of 70,000 tokens.

To buy on the official website, you can connect your wallets and transact the amount you want using ETH or USDT.