Crypto Pepe (PEPE) suffered a steep drop of 20%, triggering serious concern among whale investors. Unexpected changes within the development team sparked speculation of a possible “rug pull”. In response, many investors are turning to alternatives such as Wall Street Memes (WSM) and Sonik Coin (SONIK), seeking a safer haven in the crypto meme universe.
PEPE falls: Rug Pull fears cause the Whales to surge
Pepe (PEPE) price recently fell 20% in 24 hours, worrying whales due to suspicious changes in the development team’s crypto wallet. Indeed, the crypto meme has hit a new low at $0.00000077 since May 1. This situation has fueled speculation of a possible “rug pull” from the developers. In response, big crypto whales are now turning to other memecoins, especially Wall Street Memes (WSM) and Sonik Coin (SONIK).
This price drop comes after a sudden change in signature requirements for transactions from Pepe’s multisig wallet, sparking more fears of a possible ” rug sweater“. Then, more than 16 trillion PEPE crypto was also transferred from the reserves of the development team to the EXCHANGES. This caused a negative reaction from the investment community and increased uncertainty around the project.
CoinGecko currently indicates a feeling bearish about this memecoin.
Investors seek refuge: two crypto even in sight!
Faced with this situation, investors looking for stability are turning to Wall Street Memes (WSM) and Sonik Coin (SONIK). WSM has attracted over $25 million in private sale funding through its vibrant community. On the other hand, the SONIK memecoin, inspired by Sonic the Hedgehog, has already raised over $450,000 in eight days. Its staking protocol allows holders to generate high returns.
This situation highlights the risks in the world of cryptos, especially for memecoins. As the crypto PEPE experiences turbulence, other projects are emerging as alternatives. This illustrates the volatility and uncertainty in this realm of cryptos themselves.
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