3 reasons why Pepe price will continue to fall in September

Pepecoin (PEPE) value has crashed almost 85% from its document excessive of $0.00000448 in Might 2023. What’s extra, its bearish momentum is more likely to proceed in September. 

Again-to-back Pepecoin safety breaches

Pepecoin has suffered two regarding safety breaches within the final two weeks.

First, on Aug. 24, Pepecoin’s rogue founding team members transferred $16 million worth of PEPE tokens to exchanges to potentially sell them. That created concerns across the community about a potential “rug pull scam,“ causing a 30% decline in the PEPE market.

❌❌ $PEPE Announcement❌❌

The previous telegram for $PEPE is hacked and not in our management. The “lordkeklol” account has been compromised. Whoever has gained entry to this account is utilizing it to push scams and deceive individuals and launch different cash. This particular person is mendacity and… pic.twitter.com/jxlYwoSP1Q

— Pepe (@pepecoineth) September 9, 2023

PEPE value has dropped over 12% for the reason that information, hinting that the back-to-back safety breaches have eroded buyers’ confidence within the memecoin challenge.

Pepe whales exit

Extra proof about Pepecoin’s buyers leaving the challenge comes from the token’s provide distribution knowledge.

Notably, addresses with a steadiness between 100 million and 1 billion PEPE (the blue wave within the chart under) management the token’s most circulating provide — about 96.5% of it. The availability held by this cohort has dropped considerably for the reason that rug pull issues emerged.

This whale departure from the challenge may additional erode shopping for sentiment within the PEPE market.

Descending triangle breakdown

From a technical perspective, PEPE has entered the breakdown stage of what seems to be a descending triangle sample.

Associated: Exploits, hacks and scams stole almost $1B in 2023: Report

A descending triangle in a downtrend is checked out as a bearish continuation sample. The sample resolves when the value breaks under its decrease trendline and falls by as a lot as the peak between the triangle’s higher and decrease trendline.

On account of this technical setup, PEPE value dangers falling to $0.00000064 in September 2023, down about 12% from present value ranges.

This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a call.