The digital coin market experienced a surprising tumult as the price of Pepe Coin ($PEPE), the third largest meme coin in terms of market capitalization, dropped as much as 14% within minutes. This sudden plunge was triggered by social media-driven Fear, Uncertainty and Doubt (FUD).
Amid the controversy, the coin’s stance deviated significantly, as one user pointed out that the Pepe multisig wallet had revised its threshold, and some $PEPE had been transferred to exchanges. This alteration, initially necessitating 5/8 signatures for execution, was validated via Etherscan. A flurry of sceptical remarks on Twitter followed closely behind this disclosure.
However, pushback against the FUD was inevitable. A user effected a shift in perspective by emphasising the minimal possibility of traditional ‘rug’ due to the coin’s inherent distribution. A considerable proportion – over 2.5%, belonged to major exchanges like OKX and Binance. The coin, predominantly owned by the community, maintains an equal circulating and maximum supply, thus reducing any associated risk.
Despite the ongoing drama, $PEPE’s core fundamentals remain solid. The token has been steadily gaining holders, approaching a noteworthy 140,000 – a consistent growth seen even in the absence of a significant price pump. This consistent upward trajectory infers that $PEPE’s adoption as a crypto asset continues to expand, hinting at potential larger market bull runs in the future.
Simultaneously, the lack of certitude within the meme coin market emphasises the necessity for calculated investment strategies. A credible Pepe Coin substitute garnering attention is the new coin introduced by Wall Street Memes, a prominent online retail investing community. Branded as the “king of stonks,” it endeavors to also conquer the crypto realm with its meme coin token $WSM.
The $WSM presale has been remarkably successful, raising over $25 million, supported by numerous major crypto industry influencers and analysts. This emerging currency could potentially challenge, if not surpass, well-known meme coins like Pepe Coin, Dogecoin, and Shiba Inu.
Therefore, as market gamers foresee promising prospects and continued investor engagement with $PEPE alongside new tokens like $WSM entering the arena, the meme coin market continues to remain a dynamic force within the crypto world. Still, discretion in investments is necessary – crypto, by nature, is marked by high risk.
Source: Cryptonews
