A combination of on-chain, fundamental, and technical indicators suggest that Pepecoin (PEPE) is likely to continue its price decline. The altcoin has already dropped nearly 85% from its all-time 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 investors, or “whales,” have been exiting the project, which could further dampen buying sentiment. From a technical perspective, PEPE has entered a bearish continuation pattern known as a descending triangle, indicating a potential further decline to $0.00000064 in September 2023. 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 have caused a decline in investor confidence.
– Large investors have been leaving the project, impacting buying sentiment.
– From a technical perspective, PEPE is in a bearish continuation pattern.
– The price could potentially fall to $0.00000064 in September 2023.
