Pepe Coin (PEPE) has thrust itself back into the spotlight, but this time conversations revolve around its recent underperformance — a substantial 19% decline over the past week. However, the meme token posted a slight gain today.
Currently valued at $0.0000008969 as of press time, Pepe Coin has managed a minor 3.9% uptick in the last twenty-four hours according to Coinmarketcap data.
PEPE’s volatility levels are however low as the Bollinger bands, used in volatility estimation, maintain a close distance from each other. The Relative Strength Indicator is however still below its average line, demonstrating the amount of bear effect that crept over PEPE amid the recent controversial rules on the meme coin.
Pepe rug pull concerns
Accusations emerged against former members of the Pepe currency team, implicating them in wallet theft, as reported by crypto.news.
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Cryptocurrency intelligence platform Santiment also underscored the event’s significance within the broader crypto landscape, highlighting PEPE’s sudden emergence as the hottest topic over the weekend.
🐸 If you are riding the wave of #memecoins during these uncertain market conditions, #Pepecoin has quickly become the top trending #crypto topic this weekend. Former team members are accused of removing $16M. Expect even more high volatility than usual. https://t.co/iQLD7h224s pic.twitter.com/UOR4sTcWwv
— Santiment (@santimentfeed) August 27, 2023
Investor worries were ignited by recent PEPE activity, driving a price decline and unveiling concerning practices within the project’s multi-sig wallet. The movement of over 16 trillion PEPE to addresses linked to Binance, OKX, and Bybit fueled the skepticism.
One analysis reveals that OKX received a substantial $8.2 million worth of PEPE, while Binance and Bybit acquired $6.5 million and $434,000, respectively, in this funding round.
Further funds, totaling $400,000, flowed into an anonymous-owned wallet. In total, around 16 trillion PEPE tokens were transacted — approximately 3.8% of the token’s available supply.
Read more: Massive Pepe coin theft sparks allegations of insider trading
