PEPE price recovery fazed by split in the meme coin’s team and Telegram account hack
- PEPE price is winding around the $0.00000079 level after the official account announced the hack of Telegram account.
- The tussle between the founding team has likely dragged on, with the Telegram account pushing scams on community members.
- PEPE price is struggling to recoup its losses since its drop from $0.0000018 on July 3.
PEPE, a frog-themed meme coin, that recently made headlines for differences between the founding team members and the theft of nearly $15 million worth of tokens. Early on Saturday, the official X account of the meme coin informed the community that the Telegram account was compromised.
PEPE price is struggling to recover from its decline with the recent developments like the Telegram handle hack.
PEPE recent developments likely bearish catalysts for the meme coin
The PEPE coin project is facing a tussle among former and current founders of the meme coin. Earlier today, the protocol announced that the old Telegram handle is hacked and no longer in the team’s control. The hacker is pushing scams through the handle and the tweet explains that there is zero association to PEPE and any current or past members.
The team asked users to report the “fake account” and wait for the protocol to fix the changes with proper security measures. All future official communication from PEPE is expected to come from the X account, according to the tweet:
❌❌ $PEPE Announcement❌❌
— Pepe (@pepecoineth) September 9, 2023
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 price is winding at the $0.00000079 level. Since the security incident and the theft of $15 million in PEPE tokens, the meme coin’s downward trend led the price to $0.00000079, down from its July 3 local peak at $0.0000018. The theft incident and the dispute between the former and current team, alongside the Telegram account hack are likely fueling a bearish sentiment among holders, making a PEPE price recovery less likely.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
