The influential meme coin, Pepe Coin ($PEPE), has dropped by nearly 40% in the past two weeks, following rogue members of its team stealing $15m worth of tokens.
Due to the FUD generating, Pepe looks unlikely to ever regain its previous highs, causing traders to look for alternative meme coins.
Let’s take a look at whether the Pepe price could crash to zero and why many investors are backing Wall Street Memes token to be the next big meme coin.
Pepe Fall Continues as Token Drops by Over 23% in the Last Week
In the last 30 days, Pepe has corrected by 37.3% and it has dropped by over 23% in the past week alone.
This comes after Pepe’s multi-sig wallet sent more than $15.7 million worth of tokens to popular crypto exchanges such as Binance and Bybit. In total, more than 16 trillion tokens were suddenly taken out of the wallet. This represents 3.8% of the total token supply.
The Pepe team also changed the transaction approval requirement. Now, only two out of eight wallets need to reach a consensus before the transaction can be approved. The team has since come out and stated that these incidents were actions of a few rogue developers.
After these events, the token plummeted by over 20% within 24 hours. According to TradingView, $PEPE is currently in a sell zone. 13 of the major 24 technical indicators are in a sell zone, while 9 are in a neutral zone. Furthermore, all the major moving averages are also on a sell zone. Therefore, there is potential for the token to drop even further in the coming weeks.
Coincodex, a popular cryptocurrency price prediction tool, expects more sideways momentum for the Pepe token. The platform expects the token to be in the sell zone for the coming weeks. By 2025, the price prediction is $0.00000016, which is a slight price jump from current levels.
However, considering the huge lack of trust generated by recent events, its very possible that the Pepe price will never recover.
This has lead to investors backing alternative meme coins, such as the new Wall Street Memes token.
Pepe-Alternative Wall Street Memes Prepares for IEO After Raising Over $25 Million in Presale
While Pepe Coin has been plummeting, Wall Street Memes has emerged as one of the most promising new meme coins. This meme platform has over 1 million followers across social media platforms and has raised over $25m during its three months on presale.
Several popular traders are already referring to $WSM as the Pepe killer.
Currently on the final stage of its 30-round presale, $WSM, the native token, is priced at just $0.0337.
The token has a 2 billion supply, half of which has been allocated for the presale. Another 30% of the token supply will be offered as community rewards, which can help promote long-term holding. The remaining token supply will be used to maintain DEX and CEX liquidity.
Notably, Wall Street Memes creators also launched their own NFT project, Wall St Bulls, in 2021. The first NFT drop sold out 10,000 unique Ethereum-based NFTs in 32 minutes. Therefore, the creators are now looking to generate wealth for the ecosystem through the $WSM token.
Now that investors have one last opportunity to enter the presale, they can acquire $WSM before its listing on tier-1 exchanges next month.
Visit Wall Street Memes Presale
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