Both meme coins Pepe (PEPE) and Shiba Inu (SHIB) have experienced significant losses of over 20% in the past week, with PEPE dropping 22% and SHIB falling 21.6%, possibly due to the troubled launch of the Shiba network's layer-2 blockchain, Shibarium. Additionally, Bitcoin and Ethereum have also seen declines after news of Evergrande's bankruptcy filing.
Millions of dollars worth of the PEPE meme coin were transferred out of its multisig wallet, causing concern among investors and leading to a drop in its price, due to changes in transaction approval and a reduction in the number of wallets required for sign off.
Pepe (PEPE), a popular meme coin, is facing allegations of suspicious movements in contract addresses and a potential rug pull, causing panic among community members and a significant decline in price.
A whale investor bought 640 billion PEPE tokens, worth $529,000, at a reduced price due to concerns about developer manipulation and modifications to a multisig wallet, causing a 15% drop in the value of the meme coin.
PepeCoin (PEPE) experienced a significant drop in value after millions of dollars worth of the token were transferred from the team's wallet to exchanges, raising concerns and triggering panic selling among investors.
Altcoin Pepe has seen a significant drop against Bitcoin, leading crypto strategist Credible Crypto to warn of potential similar price declines for other altcoins, while also predicting a rise in Bitcoin's dominance in the market.
Three former members of the PEPE project allegedly stole $16 million worth of PEPE tokens from the multisig wallet and handed over control to the sole remaining member.
On-chain analyst Yazan reveals that insider selling of PEPE holdings has begun, with around 400 billion PEPE sold, in line with Pauly's exposure of Pepecoin team members; Yazan urges crypto exchanges to implement measures to prevent insider transactions. Pepecoin's price has dropped 15% due to team selloffs, leading to negative sentiment within the community.
The founder of Pepe blames three former team members for a $16 million token withdrawal from the project's wallet, and vows to burn the remaining tokens after necessary expenses or donations.
The cryptocurrency market remained relatively stable this week, with Bitcoin and Ethereum holding their value, but meme coin PEPE experienced a significant drop in price, and the PepeCoin team's transfer of a large amount of PEPE to exchanges caused panic selling. Additionally, notable news included Kenya's inquiry into OpenAI CEO Sam Altman's Worldcoin project, the arrest of Tornado Cash founder Roman Storm for money laundering-related crimes, and the approval of land and resource tokenization in the Central African Republic.
Crypto's biggest memecoin, PEPE, experienced a major setback when 16 trillion tokens worth $16 million were sold by rogue team members, causing a 26% drop in market capitalization, but the remaining founder vows to continue and decentralize the project.
Summary: Meme cryptocurrencies, including Pepe, LUNC, and SHIB, have experienced price corrections but show potential for a rebound with bullish reversals and recovery rallies expected.
Some rogue developers on the Pepecoin team stole millions worth of Pepe coin (PEPE) by transferring tokens out of the project's multisig wallet, leading to a significant drop in the token's value, according to a team member. The project is now under new control, with plans to grow and decentralize in the future. However, analysts have raised concerns about the concentration of tokens in a few hands, posing risks for investors.
The decline in the price of Pepe coin is due to a scandal involving the founders, leading investors to consider alternative meme coins like Pikamoon, which is recommended by experts for its potential for portfolio recovery.
Pepe (PEPE) coin faces a scandal and reputation loss after 16 trillion coins worth $16 million were stolen, while Dogecoin (DOGE) shows signs of a bullish run, and whales are investing in Pomerdoge (POMD) due to its growth potential and locked liquidity.
