{"id":21681,"date":"2023-08-29T13:46:11","date_gmt":"2023-08-29T13:46:11","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/pepe-price-to-zero-pepecoin-rug-pull-allegations-put-memecoin-at-risk\/"},"modified":"2023-08-29T13:46:14","modified_gmt":"2023-08-29T13:46:14","slug":"pepe-price-to-zero-pepecoin-rug-pull-allegations-put-memecoin-at-risk","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/pepe-price-to-zero-pepecoin-rug-pull-allegations-put-memecoin-at-risk\/","title":{"rendered":"PEPE price to zero? Pepecoin rug-pull allegations put memecoin at risk"},"content":{"rendered":"
Pepecoin (PEPE), once an extremely profitable memecoin, has plunged by more than 80% four months after its record high. Now, technicals suggest that the memcoin could be at risk of even bigger losses in the coming weeks or months.<\/p>\n
On Aug. 24, several rogue Pepecoin developers changed the number of signatures required to move tokens from their multi-sig wallet from five-out-of-eight to two-out-of-eight. Then, they sent $16 million worth of PEPE to crypto exchanges, suggesting that they wanted to sell.<\/p>\n
A segment of market analysts viewed these moves as a hint of an impending \u201crug pull,\u201d raising fears that the PEPE price may crash to zero in 2023.\u00a0<\/p>\n
\nAnother meme coin, another rug pull.
Honestly what do you expect when you put your money on these scams?$pepe<\/a><\/p>\n\u2014 Wolf (@IamCryptoWolf) August 26, 2023<\/a><\/p><\/blockquote>\n
Previous rug pulls, such as MULTI, the native token of Multichain\u2019s cross-chain bridging protocol, has dropped nearly 98% from its peak. The decline has appeared partially due to allegations that Multichain\u2019s $125-million hack in July 2023 was part of a broader rug-pull scam.<\/p>\n
Similarly, in July 2023, a crypto developer associated with the Encryption AI project committed a $2-million rug-pull fraud. As a result,\u00a0the Encryption AI token, 0XENCRYPT, crashed 99% to an all-time low of $0.02.<\/p>\n
PEPE\u2019s price paints deadly descending triangle<\/h2>\n
Market analyst Nebraskangooner suggests that PEPE\u2019s price could soon plunge to nearly zero due to a descending triangle formation on the four-hour chart.<\/p>\n
A descending triangle in finance is a bearish continuation pattern characterized by the simultaneous formation of a falling trendline resistance and horizontal trendline support. It resolves after the price decisively breaks below the support and falls by as much as the triangle\u2019s maximum height.<\/p>\n
\n$PEPE<\/a><\/p>\n
Descending triangle breaking down.<\/p>\n
Send this ponzi to zero https:\/\/t.co\/ZiCp23FJTs pic.twitter.com\/CJKaL2Agxx<\/a><\/p>\n