PEPE Trading Volume Plummets 42% – Is Meme Coin Mania Finally Over?

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PEPE trading volume dropped by 42% in a single day after the network experienced unauthorized multisig access. At the same time, the market is anticipating the end of the PEPE coin amid the emergence of a new token.

Important Update Regarding $PEPE Transactions and Future Direction

The PEPE official account announced on August 24 unexpected transactions involving the $PEPE multisig CEX Wallet. Approximately 16 trillion $PEPE tokens, worth around $15 million, were transferred to different exchanges. This reduced the number of signers to 2/8 wallets.

Another early buyer of $PEPE also dumped 932B $PEPE for 524 $ETH($870K) after the Pepe team deposited 16T $PEPE to exchanges.https://t.co/EiUQUrHWqc pic.twitter.com/CHWL7NeA5w
— Lookonchain (@lookonchain) August 25, 2023

The developers confirmed that, at present, one user holds 10 trillion tokens. The holdings and the Twitter account remain secure, accompanied by a commitment to transparency for the $PEPE community.

They related this event to the emergence of internal conflicts due to ego-driven team members. They also acknowledged that $PEPE is now moving forward without these issues. There were also apologies for raising community concerns after this unauthorized multi-sig access by former team members resulted in token transfers.

In addition, the developers ensured that the current focus revolves around token security, potential acquisitions, and fortifying $PEPE as a decentralized asset.

PEPENEW: Emergence of New Token

In a surprising turn of events, a new PEPE token entered the market the following day. The market intriguingly interpreted the significant sell-off by the hacker. This came as established whales shed their old PEPE coins in favor of the new variant.

OLD pepe will likely drop down to sub 100m. Whales know its over. It could potentially run back up closer to the bullrun but for now, it’s a wrap. If you’re buying the “bottom” have fun being exit liquidity. $PEPE #PEPE
— Chadbro.eth 🐐 (@nftbutcher) August 28, 2023

Claims surrounding the fresh PEPE coin, developed by the PEPE Community, ignited renewed interest among loyal old PEPE followers. The new token boasts zero tax, burned liquidity, and a renounced contract.

There is a new king..
The old Pepe is dead.
the @PepeCommunity_ has 0 team tokens is community run, 0 tax
The community has started a new token.
This is not a drill…..
New $PEPE is the meme,
In 3 days they have flipped them in volume.https://t.co/UEnunzuoyI#PEPE… pic.twitter.com/iX2MHUEfkm
— Nzdefi $OPTI (@NZDEFI_) August 28, 2023

Excitingly, the coin swiftly secured listings on two major exchanges, LBank and MEXC. These favorable developments propelled the New PEPE coin’s trading volume to approximately 20M. This effectively offset the volume lost by the old PEPE on the same day.

PEPE Rejected Affiliation with New Coins

Responding to recent events, the Official $PEPE account has communicated the temporary lockdown of the $PEPE Telegram group. This is due to the compromised account of the group owner, resulting in a takeover.

The telegram group for $PEPE is currently locked down, the old telegram account for the group owner was hacked and the group was taken over. In the process of trying to regain access or make a new one. All official communication for $PEPE will take place via the @pepecoineth… pic.twitter.com/lQFTu02jub
— Pepe (@pepecoineth) August 26, 2023

The announcement assured ongoing efforts to regain control or establish a new group. Meanwhile, project leads ask users to rely on the @pepecoineth Twitter account for official updates. This account is also the place to find official group links.

Emphasizing their commitment, the statement clarified that the team had not sent any direct messages. A word of caution was issued regarding potential scams related to airdrops, staking, minting, and claims that could deplete wallets.

The account also underscored their non-affiliation with any new PEPE coin and assured them they would not initiate contact themselves.

PEPE Price Analysis

The daily price chart for the PEPE/USDT trading pair shows that the coin has been following a descending channel pattern since July. Presently, the lower boundary of this channel is acting as a support level for the meme coin at $0.0000008687. However, the possibility of further price depreciation persists, a notion supported by the Relative Strength Index (RSI) technical indicator. This momentum indicator currently hovers above 30 and is on the verge of entering oversold territory.

The EMA crossover further validates the bearish sentiment, with the 50EMA positioned above the 20EMA. Should prices continue to decline and ultimately close below the lower boundary of the descending channel, Pepe’s price could drop to its ICO price of $0.0000007724. This would constitute a substantial 42% decline from the present price level.

TradingView: PEPE/USDT 1-day chart

On the contrary, an alternative scenario envisions prices breaking beyond the initial resistance at 0.0000009395. This offers a glimmer of hope for potential upward movement.

Furthermore, a considerable reduction in PEPE’s trading volume warrants attention. On August 26, trading volume plummeted from 49M to 20M, and the subsequent day witnessed an additional decline to 12M. This denotes a significant 42% decrease in two days. This abrupt decline in trading volume and price erosion fuels concerns regarding the potential wane of the PEPE phenomenon.

While PEPE is facing FUD, SONIK is another memecoin getting investors’ attention.

Alternative to PEPE

Amid the meme coin surge, several initiatives have surfaced, taking inspiration from famous TV shows and films. In line with this trend, Sonik Coin stands out. Built around the beloved Sonic the Hedgehog character, SONIK aims for a substantial $100 million market capitalization.

Our #Presale is heating up
Me fast. You slow. $SONIK win 🏆 pic.twitter.com/5iPHvYFovO
— SONIK COIN (@Sonikcoin) August 28, 2023

The Sonik currency team has set a modest $2 million hard cap. While this could swiftly impact the meme currency sector, completing the Presale on Uniswap will value the project at around $4 million. The move would pave the way for significant growth opportunities.

With increasing user awareness and growing enthusiasm, the ICO is expected to have a short duration. Over 15% of its presale allocation has sold within a week.

Although utility often takes precedence when assessing cryptocurrencies, the SONIK token, despite lacking utility, presents an attractive feature for potential investors: staking.

This structure opens doors for periodic returns on investment. Notably, 40.00% of tokens have been allocated to staking, fostering mutual benefits between $SONIK holders and the ecosystem. Stakers are rewarded for safeguarding the network’s integrity and security.

Breaking Presale Norms: Unique Approach of Sonik Coin

Typically, new cryptocurrency projects enter extended presales, concluding at predetermined price levels. Challenging this convention, the Sonik Coin presale takes a different route. It bucks the trend by persisting until every designated token is sold.

Speed of light is 299,792,458,000 m/s. They say $SONIK can run that quick 💨
👉 https://t.co/s1fTdXDQCK pic.twitter.com/3MTg2ilomG
— SONIK COIN (@Sonikcoin) August 26, 2023

Motivated by the speed of light associated with the character Sonik, the ERC-20 token SONIK boasts a substantial total supply of 299,792,458,000 tokens. Within this count, the project has allocated 50%—equivalent to 149,896,229,000 tokens—specifically for the Presale.

The Sonik presale is swiftly nearing its conclusion, having already amassed a substantial sum of $612,857.67. The value of a single Sonik coin stands at $0.000014, maintaining this price until all coins are completely sold out.

Visit Sonik Coin here