Over the past 72 hours, Pepe Coin (PEPE) has experienced significant fluctuations, largely driven by whale activity and ongoing security concerns. On the positive side, a whale recently purchased nearly 293 billion PEPE tokens, worth approximately $2.17 million, sparking speculation of a potential price surge. As a result, PEPE’s price has hovered around $0.00000747, with technical indicators suggesting that if this support level holds, the price could rally by 20%, reaching as high as $0.000009(Coinpedia Fintech News)(CryptoNews).
However, the memecoin has also faced challenges, including two security breaches in recent weeks. The first involved rogue team members moving $16 million worth of PEPE tokens, raising concerns of a potential rug pull and leading to a 30% price drop. The second breach occurred when an anonymous hacker compromised the project’s official Telegram channel, further damaging investor confidence(Cointelegraph).
From a technical perspective, PEPE remains in a precarious position. It is currently in the breakdown stage of a descending triangle, which could lead to further declines, possibly pushing the price down to $0.00000064 if bearish trends persist(Cointelegraph). Despite this, some traders remain optimistic about a potential recovery, especially if PEPE can maintain its current support levels(BeInCrypto).
In summary, while PEPE shows signs of potential recovery due to whale interest, ongoing security issues and technical patterns suggest caution. Investors should monitor key support levels and be aware of the risks associated with the coin’s volatility.
