Pepe (PEPE), the new meme token popular in 2023, reported that its official Telegram account was hacked today. Its biggest investors started piling altcoins on centralized exchanges after the news of the hack.
The news of the hack was followed by a large amount of altcoins that were transferred to the stock markets.
cryptocoin.comAs we reported, the PEPE team reported a Telegram hack earlier in the day.
After the hack news, a huge altcoin whale sold 726 billion PEPE. Whale obtained 345.7 Ethereum (ETH) in return for this PEPE sale. Whale then fixed his ETHs in his Coinbase wallet.
#PeckShieldAlert Address 0x14cb (Alleged #Mattfurie) swapped 726B $PEPE for ~345.7 $ETH ~12 hours ago, and then transferred them to #Coinbase. #PEPE #DorkLord pic.twitter.com/Gyrdt0GtiQ
— PeckShieldAlert (@PeckShieldAlert) September 8, 2023
According to the latest data from CoinGecko, PEPE is currently trading at $0.000000786210. Despite the sales, it has moved sideways for the last 24 hours. But the impact of this whale behavior is creating volatility through the memecoin’s market dynamics.
The price of PEPE saw a brief increase of 3.48% on September 7. However, it quickly fell back to $0.0000007857 afterward. This likely indicates that a major PEPE holder sold 762 billion tokens at a loss.
What do technical analysis say about PEPE?
PEPE’s journey in the crypto market since April has been remarkable. It has not only become a symbol of internet culture. The new meme token has also become a fascinating experiment in the world of decentralized finance.
While PEPE continues to capture the imagination of investors, its price is trapped in a converging triangle formation. A separate report suggests that the altcoin price may continue to move sideways in the coming days as long as this pattern remains intact. This leaves traders in a dangerous situation.
For traders with a negative outlook on PEPE, the latest whale transaction may present an attractive opportunity. Some are eyeing short positions on the altcoin, anticipating a possible crash. If this downward trend continues, the report says, there is a possibility that the price of PEPE may drop by up to 10%. This will lead to the psychological support level of $0.0000007.
Pepe Coin’s Telegram channel is at risk
The news surrounding PEPE today was on the Telegram channel. According to the team’s official statements, the old Telegram account has been compromised and is “no longer” under their control. The update said that the account named “lordkeklol” was hacked by an unauthorized user who was promoting scams, deceiving people, and launching other cryptocurrencies. The news of the hack was enough to send shockwaves through the altcoin market.
❌❌ $PEPE Announcement❌❌
The old telegram for $PEPE is hacked and no longer in our control. The “lordkeklol” account has been compromised. Whoever has gained access to this account is using it to push scams and deceive people and launch other coins. This person is lying and… pic.twitter.com/jxlYwoSP1Q
— Pepe (@pepecoineth) September 9, 2023
Finally, PEPE is experiencing conflict among its current founders. On August 24, unexpected transactions took place. PEPE founder emptied all of his reserves in the market
