Is Pepe Going to Zero? PEPE Price Drops 20% as Investors Cash Out to Buy This New Viral Meme Coin – How to Buy Early?
Pepecoin (PEPE) has tumbled -18% in 48 hours, after new concerns have emerged stemming from a reduction in the threshold required for the PEPE multi-signature wallet – with concerned bag-holders asking ‘is Pepe going to zero?’ – explore PEPE price analysis to find out.
Eagle-eyed community members noted a sudden change to the requirements for the PEPE multi-signature wallet, which reduced the threshold from 5/8 signatures needed to just 2/8 signatures.
Quick reminder to the everyone – The only holders of more than 2.5% of PEPE are OKX and Binance, and of the top six holders, five are exchanges. Also, circulating supply = maximum supply. So there's a minimal risk for traditional "rug" here. The token belongs to the community.
— x-o (@ethx_o) August 24, 2023
The transaction changing the multi-signature threshold can be seen via Etherscan.
With PEPE now seemingly shifting into a private wallet address, fear has ran rampant through the Pepecoin community – despite the efforts of some traders to reassure markets.
Pepecoin Price Analysis: Is PEPE Going to Zero?
Following the FUD, Pepecoin is currently trading in the bottom of the channel, with PEPE’s market price standing at $0.00000091 (representing a 24-hour change of -4.21%).
The troubling news couldn’t have come at a worse time for PEPE price action, which was already struggling to hold position above the $0.00000105 price level – in a resistance test against the 20DMA.
With the sudden cascade down seeing Pepecoin price plummet -23% below the 20DMA.
Now trading at the bottom of its range, PEPE is fighting for life above the $0.00000008 support level, which provided 10-days of steadfast support during June.
Yet, while price is recovering from the tumble, PEPE’s indicators could provide a degree of relief – with the RSI cooled-off to a significant oversold signal at 29.
And while the MACD has flipped to bearish divergence, this remains marginal at -0.00000002.
Overall, with price trading low in-range, PEPE is facing an upside target at $0.00000105 (+16.67%) – a level which would leave Pepecoin poised to re-test resistance from the 20DMA.
While downside risk is limited here by a historic level of lower support at $0.0000008 (-12.25%).
This leaves Pepecoin with a risk: reward ratio of 1.36, a mediocre entry characterised by limited reward.
But while Pepecoin bag holders despair, another meme coin is stealing the attention of crypto markets as it surges towards a targeted $100m market cap.
Meme Coin of the Month: Sonik Coin Breaks-Out With $450k+ in Presale Funding
Sonik Coin ($SONIK), which is not only making waves in crypto markets, but also racing – with the audacious goal of being the fastest token to hit the $100 million market cap.
And given the current trajectory, this aspiration may soon be a reality – as this rockstar presale has surged to a jaw-dropping +$467,000 raised in less than a week.
Where Lambo? $SONIK token come to @Uniswap.
— SONIK COIN (@Sonikcoin) August 25, 2023
Buy in #ETH. Soooo easy. https://t.co/s1fTdXDQCK pic.twitter.com/5hRf7j2InO
But what has got markets so excited about the unlikely Sonik coin? The answer is in the APY – let’s dig down into this further.
Sonik Presale ‘Gotta Go Fast’ as Investors Flood-in to Claim 209% Staking APY
An intriguing 50% of the mammoth 300 billion $SONIK supply has been allocated for early investors, making it a limited-time golden opportunity.
With each token priced at a meager $0.000014, enthusiasts have the perfect entry point, especially before its much-anticipated debut on Uniswap post-presale.
This decentralized exchange is a powerhouse, and $SONIK’s presence there will undoubtedly amplify its visibility manifold.
But Sonik Coin is more than just another meme coin, the staking APY of an astounding 209% speaks volumes about its potential returns.
Staking not only adds an avenue for passive income, but its inclusion also showcases the team’s commitment to longevity and stability.
The idea? By staking, holders are encouraged to hold onto their tokens for more extended periods, thus mitigating volatile price swings and cementing a firm foundation for steady growth.
Sonik Coin Follows in Early Footsteps of PEPE in Pursuit of Viral Success
Now, let’s talk about $PEPE, Pepecoin’s astronomic growth—delivering jaw-dropping returns of over 10,000% to early backers— has set a precedent.
Given $SONIK’s innovative staking model and the infectious enthusiasm around its branding (a nod to the ever-popular Sonic the Hedgehog), it’s poised for a similar, if not more impressive, trajectory.
The transparent, community-centric vision of the Sonik Coin’s founders, paired with its tantalizing staking rewards and the buzz it has already generated, sets it apart in a sea of meme coins.
If history and market patterns tell us anything, the early bird catches the worm. Or in this case, rides the supersonic wave.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
