The price of Pepe Coin (PEPE), the crypto market’s third-largest meme coin by market capitalization and best-performing crypto asset of the year so far, recently experienced a significant drop of 14% in just minutes. This sudden decrease in price was primarily driven by a wave of Fear, Uncertainty, and Doubt (FUD) circulating on social media.
Pepe Coin had been trading at around $0.000001050 but quickly fell to new daily lows around $0.0000009 after a social media user pointed out that the Pepe multisig wallet had changed its threshold to require only 2/8 signatures instead of the previous 5/8. Additionally, there were concerns raised about a portion of PEPE being sent to exchanges.
These events can be seen on the transaction record on Etherscan, a blockchain explorer platform. The news generated apprehension among some investors, with one Twitter user expressing their skepticism about the Pepe team’s actions. However, another user attempted to counter the FUD by highlighting the limited impact of these changes, stating that the majority of PEPE is held by exchanges and the community has minimal risk of a rug pull.
Despite the positive response, the price of PEPE remained down by approximately 15% for the day. Looking at the price trend of PEPE over the past few months, it has been following a bearish path within a downward trend channel. It is expected to test its June lows in the $0.0000008 range.
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In the short term, price predictions for PEPE remain bearish. However, if the concerns regarding the multisig changes prove to be baseless, the underlying fundamentals of PEPE still look promising. According to Etherscan data, the token has been gaining traction and has amassed an impressive number of holders, reaching nearly 140,000. This growth in the number of holders indicates increasing adoption of PEPE as a crypto asset, which could contribute to future market bull runs.
It is always wise for meme coin investors to diversify their portfolios to mitigate risks. As an alternative to PEPE Coin, investors may consider a new coin being launched by Wall Street Memes, a prominent retail investing community on the internet. The token, called WSM, aims to become the “king of crypto.” With a presale that has already raised over $25 million and support from influential figures in the crypto industry, WSM has the potential to match or even surpass the success of coins like PEPE, Dogecoin, and Shiba Inu.
Investors interested in WSM can participate in the presale, which is coming to an end in less than 36 days. By getting involved early, investors may position themselves for potential significant returns. However, it’s essential to note that cryptocurrency investments carry inherent risks, and this article should not be considered as investment advice. Investors should conduct thorough research and carefully consider their financial circumstances before making any investment decisions.
In conclusion, the recent price drop of PEPE Coin was triggered by FUD circulating on social media. While short-term price predictions remain bearish, the increasing number of PEPE holders suggests growing adoption and potential for future market bull runs. Additionally, investors may consider diversifying their meme coin portfolios with alternative options like Wall Street Memes’ WSM token. However, as crypto investments are highly speculative, caution and careful analysis are essential.
