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The price of Pepecoin has dropped by approximately 85% from its record level of $0.0000044 in May 2023. Furthermore, the downward momentum is likely to continue in September. Pepecoin has experienced two significant security breaches in the past two weeks. In the first breach, the founding team members transferred a large amount of PEPE tokens to exchanges for sale, and then the official Telegram channel was hacked. These events caused a decline in the PEPE price and shook investor confidence.
Consecutive Security Breaches of Pepecoin
Pepecoin has experienced two significant security breaches in the past two weeks. First, on August 24, the founding team members of Pepecoin transferred $16 million worth of PEPE tokens to exchanges potentially for sale. This created concerns about a potential “rug pull scam” among the community, leading to a 30% decrease in the PEPE price.
Then, on September 9, Pepecoin’s official X address confirmed that an anonymous entity named “lordkeklol” had hacked accredited Telegram channels. Since the news, the PEPE price has continued to decline by over 12%, further eroding investor confidence due to consecutive security breaches.
Pepe Whales Exiting
More evidence of Pepecoin investors leaving the project comes from the token’s supply distribution data. Specifically, addresses holding balances between 100 million and 1 billion PEPE (the blue wave in the graph below) control approximately 96.5% of the token’s maximum circulation supply.
The supply held by this group has significantly decreased since concerns about “rug pull” emerged. The departure of this whale could further undermine buying sensitivity in the PEPE price.
Descending Triangle Breakout
From a technical perspective, Pepecoin is currently in the breakout phase of a descending triangle formation. A descending triangle in a downtrend is considered a continuation pattern. The formation is resolved when the price falls below the lower trendline and drops by the same height as the distance between the upper and lower trendlines.
As a result of this technical structure, there is a risk of a further 12% decline in the PEPE price to $0.00000064 in September 2023.
