Pepe Coin ($PEPE) Faces Steep Decline as Rogue Team Members Steal $15 Million Worth of Tokens

Pepe Coin, the influential meme cryptocurrency, has experienced a significant drop of nearly 40% in the past two weeks due to the actions of rogue members within its team. These individuals stole tokens worth $15 million, leading to a loss of trust and a negative impact on the coin’s value.

The FUD (Fear, Uncertainty, and Doubt) generated by these events has made it unlikely for Pepe to recover its previous highs. As a result, many traders are now seeking alternative meme coins to invest in.

Pepe’s Price Plummet and Token Supply Reduction

Over the past 30 days, Pepe has corrected by 37.3%, with a further drop of over 23% in just the past week. These declines follow the revelation that Pepe’s multi-sig wallet sent more than $15.7 million worth of tokens to popular crypto exchanges like Binance and Bybit. This sudden movement resulted in over 16 trillion tokens being removed from the wallet, accounting for 3.8% of the total token supply.

Additionally, the Pepe team made changes to the transaction approval requirement, now only requiring consensus from two out of eight wallets. The team clarified that these incidents were the actions of a few rogue developers.

The token’s value suffered a sharp decline of over 20% within 24 hours following these events. Technical indicators suggest that $PEPE is currently in a sell zone, with 13 out of 24 major indicators indicating a sell position and the remaining nine in a neutral zone. Furthermore, all major moving averages also indicate a sell zone, indicating the potential for further drops in the coming weeks.

Future Price Predictions for Pepe Coin

Coincodex, a reputable cryptocurrency price prediction tool, anticipates further sideways momentum for Pepe’s token. The platform expects the token to remain in the sell zone for the foreseeable future. By 2025, their price prediction suggests a slight price jump to $0.00000016 from current levels. However, considering the significant loss of trust resulting from recent events, it is uncertain whether the Pepe price will ever recover.

Investors Turn to Wall Street Memes as an Alternative

With dwindling confidence in Pepe Coin, investors are now backing alternative meme coins such as Wall Street Memes (WSM). Wall Street Memes has quickly emerged as one of the most promising new meme coins in the market. The platform boasts over 1 million followers across various social media platforms and has successfully raised over $25 million during its three-month presale period.

Traders are already referring to $WSM as the potential “Pepe killer.” Currently in the final stage of its 30-round presale, the native token, $WSM, is priced at just $0.0337. The token has a total supply of 2 billion, with half allocated for the presale. An additional 30% of the token supply will be offered as community rewards, incentivizing long-term holding. The remaining token supply will be dedicated to maintaining liquidity on decentralized (DEX) and centralized (CEX) exchanges.

Notably, the creators of Wall Street Memes have also launched their own NFT project called Wall St Bulls in 2021. The first NFT drop sold out within 32 minutes, featuring 10,000 unique Ethereum-based NFTs. Building on this success, the creators are now aiming to generate wealth for the ecosystem through the $WSM token.

Investors now have one last opportunity to enter the presale phase and acquire $WSM before its listing on tier-1 exchanges next month.