Pepe, the biggest memecoin for 2023, suffered one of the worst fates possible for a new crypto-asset – a partial pullback after its anonymous developers abruptly sold the token for nearly $16 million on Aug. 24 .
According to Official Pepe This move caused Pepe’s price to plummet by up to 26% in a matter of days. Crypto investors and memecoin fans are still scratching the surface and wondering if the token-themed frog will ever return to its pre-launch price. Reetika Trades, who spoke to AskFX about the situation, saw a positive outcome for PEPE, although the way the developers sold the tokens wasn’t ideal. She believes the event will have “negligible” impact on the token going forward. She said that since it is a memecoin, the developers’ departures would not affect the token.
Selling lots of coins has reduced the number of coins developers can toss to users in the future - and that’s better in the long run. The price of memecoins can be extremely volatile, so any investment should be viewed as a gamble.
Horse, a pseudonymous trader, said removing the remaining tokens from the developer’s hands is a good move in the long run, especially if the tokens are “trying to be similar to Dogecoin.”
$0.07
.
I think there will be a comeback.”
These sentiments were confirmed in a report by crypto data provider Kaiko. The report noted that memecoin liquidity has held up well despite the sudden price drop.
Pepe’s liquidity held up despite the sudden drop. Source: Kaiko.
Kaiko researchers conclude that “the possible abandonment of the project by the team may not be the death sentence that some have proclaimed.” Not everyone is convinced of Pepe’s future will be bright. Pepe May Not Return
Santiment analysts warned traders to expect “higher volatility” even as Pepe became the top-trending crypto amid the allegations. Kaleo is a prominent retailer who has expressed a pessimistic view of Pepe. He said he hopes the memecoin will “completely crash.”
Kaleo also said he would remain on the sidelines even after the Pepe team announcement. However, he admitted that Pepe “would probably come back to life.” Highs just to annoy me[him]for choosing to represent the perceived moral superiority by sidelining myself.
Disclaimer: This information is not intended as a source of financial, trading, investment or other advice. It is the author’s sole opinion. Shiba Inu [SHIB]…
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