3 reasons why Pepe price will continue to fall in September


Pepecoin (PEPE) price has crashed almost 85% from its file excessive of $0.00000448 in May 2023. What’s extra, its bearish momentum is probably going to continue in September. 

Back-to-back Pepecoin safety breaches

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

First, on Aug. 24, Pepecoin’s rogue (*3*) $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.

Then, on Sept. 9, Pepecoin’s official X (formerly Twitter) handle confirmed that an anonymous entity dubbed “lordkeklol” had hacked its accredited Telegram channel. 

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

Pepe whales exit

More proof about Pepecoin’s traders leaving the challenge comes from the token’s provide distribution information.

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

PEPE provide distribution amongst addresses holding greater than 1,000 tokens. Source: Santiment

This whale departure from the challenge might additional erode shopping for sentiment in 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.

Related: 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 price breaks beneath its decrease trendline and falls by as a lot as the peak between the triangle’s higher and decrease trendline.

PEPE 4-hour price chart. Source: TradingView

As a results of this technical setup, PEPE price dangers falling to $0.00000064 in September 2023, down about 12% from present price ranges.

This article doesn’t comprise funding recommendation or suggestions. Every funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.