After a brutal bear market earlier this year that saw Pepe’s (PEPE) price crash by over 86% from its all-time high, many experts now believe the bottom is in, and a recovery is underway.
Some of the most followed traders are calling for PEPE to return to May’s high in the months ahead as demand and anticipation grow.
While PEPE leads the meme coin market rebound, a new token called Meme Kombat (MK), with a doxxed team and an ambitious roadmap that has caught the attention of investors.
Pepe Multisig Wallet Scandal Destroys Investor Confidence
PEPE’s price surge throughout April and May took the crypto market by storm, with the coin eventually hitting an all-time high of $0.00000134.
However, profit-taking immediately occurred after this high, and PEPE’s price fell sharply in the following months.
The fact that the coin has no real use case didn’t help matters, and as investor sentiment turned sour, PEPE continued to plummet.
This negativity towards PEPE was enhanced when, in August, the required number of signatures to approve transfers from the developers’ multisig wallet was mysteriously reduced from five to two.
Shortly after, around 16 trillion PEPE, worth over $15 million at the time, was transferred to exchanges – sparking fears of a rug pull.
Although the developers denied these allegations, trust in the project was shaken and has never fully recovered.
By late September, PEPE was trading at just $0.00000060.
Signs Emerge That Pepe Has Bottomed Out
While the multi-sig wallet fiasco severely damaged trust in the project, there are signs that PEPE may have bottomed out and is being primed for a full recovery.
PEPE has surged in recent weeks after trading sideways throughout most of September and early October, now hovering around $0.0000012.
This represents a 111% jump from September’s low.
Trading volumes are also picking back up, with CoinMarketCap data showing that over $190 million worth of PEPE was traded in the past 24 hours – a 63% rise from the previous day.
Prominent crypto analyst Kaleo recently tweeted that he is “over the beef” with the PEPE team, arguing they “capitulated at the bottom.”
With price momentum recovering, Kaleo believes PEPE has “more room to run.”
Many other experts, including Twitter user Pauly with an audience of over 151,000, are bullish on PEPE at current prices.
While the wounds of the multi-sig scandal are still relatively fresh, there is hope that PEPE can now move forward and recapture some of its former glory.
Doxxed Team and Ambitious Roadmap
As PEPE works to rebuild trust, a new meme coin called Meme Kombat (MK) is emerging as a potential star in the space.
Meme Kombat aims to capitalize on the popularity of memes and crypto gaming to create an engaging platform centered around meme-inspired battles.
Unlike most other meme coins, Meme Kombat has a fully doxxed development team, adding a high degree of credibility to the project.
The founder, Matt Whiteman, is a veteran in the crypto and NFT arena and also serves as the Chief Operations Officer (COO) of North Technologies – a cutting-edge NFT trading platform based in the Netherlands.
The project offers staking rewards of 112% APY and the chance to bet on the battle arena’s matches to earn more MK – Meme Kombat’s native token.
The project’s team has also laid out an ambitious roadmap with multiple “seasons,” each featuring new characters, game modes, and ways to earn rewards.
Meme Kombat is still in its presale phase, yet the project has already raised over $1.3 million in funding.
Prospective investors can buy MK tokens for $0.183 using ETH or USDT.
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