The Value of PEPE Plummets Amidst Rug Pull Rumors
The value of PEPE, a popular meme coin, has been declining rapidly in recent weeks. In the past 14 days alone, the price of PEPE has fallen by 33.6%, according to CoinGecko data. The coin took a significant hit last week, dropping by over 20% in just a few hours. This sudden drop was triggered by rumors of a rug pull orchestrated by the project deployers.
Three Ex-Team Members Responsible for $16 Million Withdrawal
The project team has now addressed the community, shedding light on the situation. According to an anonymous developer, three ex-team members initiated unexpected withdrawal transactions and transferred a large amount of PEPE tokens to various crypto exchanges. These former members had been difficult to work with since the beginning of the project. While apologizing for the losses caused by these “bad actors,” the developer assured that the remaining tokens in the wallet are safe and out of reach of the ex-team members.
Mixed Reactions from the Crypto Community
The developer’s address received mixed reactions from the online crypto community. Some individuals believed the account provided, while others questioned the sincerity of the claims. Despite the turmoil, there is hope for a recovery. The value of PEPE jumped by nearly 10% after the address, reaching $0.000000956641. The daily Relative Strength Index (RSI) indicates that a trend reversal may be on the horizon, further boosting investor confidence.
PEPE Price Shows Signs of Recovery
Currently, PEPE trades at $0.000000898317 with a market cap of approximately $375.9. The meme coin has experienced a 1.4% price increase in the last 24 hours. Although the price has corrected from its recent surge, it remains above its seven-day low. With the oversold RSI signal and renewed investor confidence, many are hopeful for a price recovery in the near future.
Hot Take:
The recent rug pull rumors surrounding PEPE have caused significant price fluctuations and uncertainty within the community. While the team has addressed the situation and assured the safety of the remaining tokens, trust in the project may take time to rebuild. As with any investment, it’s important to stay informed and cautious when navigating the volatile world of cryptocurrencies.
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