Pepe Coin Price Prediction as PEPE Slumps 15% Amid FUD Over Strange Multisig Changes
The price of Pepe Coin ($PEPE), the crypto market’s third largest meme coin by market capitalization and best-performing crypto asset of the year so far, recently fell as much as 14% in minutes amid a wave of social media Fear, Uncertainty and Doubt (FUD).
Pepe Coin has been trading around $0.000001050, but quickly fell to new daily lows around $0.0000009 after a social media user flagged that the Pepe multisig wallet had just changed its threshold to 2/8 signatures, before also warning that some $PEPE had been sent to exchanges.
https://twitter.com/Crypto_Noddy/status/1694813331968729497
The transaction changing the multisig threshold (which required 5/8 signatures to execute) can be seen via Etherscan.
“Shocker Pepe team back with their suss moves. Who could’ve guessed” remarked one Twitter user.
But another user pushed back against the FUD.
“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,” @ethx_o said.
Still, the $PEPE price was last down about 15% on the day.
$PEPE has been trending to the downside within the confines of a bearish trend channel in recent months and looks to be on course to test its June lows in the $0.0000008 area.
Short-term price predictions thus remain bearish.
That being said, assuming the latest warnings about multisig changes to Pepe’s wallet proves to be nothing more than meaningless FUD, $PEPE’s underlying fundamentals continue to look good.
As per Etherscan, the token is approaching an impressive 140,000 holders, a number that has continued to climb in recent months, despite the absence of a major fresh
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