PEPE’s official Twitter handle posted a tweet revealing the reason behind the memecoin’s recent downfall. Whales used the opportunity to increase accumulation.
Three former team members stole millions of dollars’ worth of tokens and sent them to exchanges for sale. Afterward, they deleted all of their social media accounts after removing themselves from the multi-sig in an effort to disassociate themselves from PEPE.
The episode turned out to be disastrous for the memecoin, as its price fell by 20% on 25 August 2023. However, things were starting to get better.The good news was that after the bloodbath, PEPE’s price managed to stabilize. In fact, the memecoin was up by nearly 3% in the last 24 hours. At the time of writing, it wasIt was interesting to note that whale activity around the coin surged drastically during the price plummet. This happened while the supply held by top addresses increased.
The incident clearly meant that whales tapped the opportunity to accumulate more, as they expected the memecoin to rise again. However, the general market’s confidence in1,10,100 PEPEs worth todayThough the metrics looked bullish, a look at the memecoin’s daily chart painted a vague picture. For instance, the Relative Strength Index registered a slight uptick from the oversold zone – a bullish signal. However, the memecoin’s Money Flow Index went southward.
Additionally, its Chaikin Money Flow also took a sideways path. Considering the aforementioned market indicators, only time will tell where
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