The price of Pepe (PEPE) has plummeted 20% in the past 24 hours amid controversy over changes to its multisig wallet.
Meanwhile, PepeCoin Cryptocurrency (pepecoin), the original Pepe the Frog-themed token created in 2016, has seen its price surge 375% in the same time frame as investors switch to alternative coins.
This price surge for pepecoin has also led to growth for other low-cap meme coins – with Sonik Coin (SONIK) and Wall Street Memes (WSM) being the primary beneficiaries.
Suspicious Token Transfers from Dev Wallet Send PEPE Price Crashing
Around $16 million worth of PEPE was unexpectedly transferred from the development team’s multisig wallet to various cryptocurrency exchanges on Thursday.
This transfer amounted to 3.8% of the total PEPE supply, marking the first time that tokens had been withdrawn from the developers’ wallet to external trading platforms.
Unsurprisingly, this sparked fears that the developers were planning a rug pull by selling off their token holdings.
Compounding these fears was that the number of required signatures to approve transfers from the multisig wallet was reduced from five to just two.
At the time of writing, over $9.6 million worth of PEPE is still held in the wallet, with investors now on high alert regarding the coin’s future.
These surprise transfers and changes to the wallet’s structure have prompted many PEPE holders to sell their tokens, leading to a sharp drop in the coin’s value.
As PEPE Falters, OG Meme Coin PepeCoin Sees Revival
While PEPE flounders, the original Pepe the Frog-themed cryptocurrency, PepeCoin (pepecoin), has seen its value increase by over 100%.
Created in 2016, pepecoin was the first digital currency to leverage the famous Pepe the Frog meme, although the newer Pepe coin has since overshadowed it.
The coin’s price has been stagnant for weeks, yet climbed by 375% following the news about PEPE’s wallet situation before pulling back to $0.0184, where it currently sits.
According to CoinMarketCap, the pepecoin trading volume has risen 311% since yesterday, hitting $2.7 million.
The controversies surrounding PEPE appear to have caused some investors to steer toward PepeCoin – prompting an uptick in buying volume (and price).
However, given that pepecoin’s value has already dropped 70% from its local high, this surge seems to have been temporary.
Which Other Meme Coins Are Gaining Traction?
Although PepeCoin has seen an uptick in interest, it’s not the only meme coin gaining market traction.
Sonik Coin (SONIK) and Wall Street Memes (WSM) have also seen significant growth in their respective presale phases ahead of their planned exchange listings.
Potential Pepe Alternative Sonik Coin Raises $450k Ahead of Upcoming Uniswap Listing
Sonik Coin (SONIK), inspired by SEGA’s Sonic the Hedgehog character, is piquing the attention of meme coin investors during its presale phase.
This presale has now raised over $450,000, nearly 25% of the way to its hard cap target of $2 million.
The strong early demand for SONIK tokens is fuelled by the low price of $0.000014 on offer – a price expected to be a discount on the future Uniswap listing price.
As outlined in Sonik Coin’s whitepaper, the development team has reserved 10% of the total SONIK supply for this listing, helping enhance price stability and reduce the chance of slippage.
However, the feature prompting the most attention is Sonik Coin’s staking protocol, which allows token holders to obtain yields of 143% per year.
Over 16.7 billion SONIK tokens have already been staked, equating to more than 5% of the total supply.
With this staking setup and its presale momentum, Sonik Coin has positioned itself as a new token to monitor in the meme coin space.
Visit Sonik Coin Presale
Wall Street Memes Token Presale Enters Final Stage After Raising $25m
Wall Street Memes (WSM) is another new meme coin benefiting from an uptick in investor interest.
As the name suggests, Wall Street Memes looks to capitalize on the popularity of finance-based memes, which were made famous during the GameStop short squeeze of 2021.
The development team aims to create a community-driven ecosystem where WSM holders can benefit financially from the continued growth and evolution of the Wall Street Memes brand.
WSM’s presale has caught the attention of meme coin enthusiasts worldwide, raising over $25 million in under three months.
This presale is now in its final stage, with investors offered a narrow window to buy WSM tokens for $0.0337 before they make their CEX debut in September.
Wall Street Memes’ developers are also focused on the long-term, with the project’s whitepaper outlining plans for meme influencer partnerships, an exclusive “gated community,” and a $1 billion market cap for WSM.
The developers have even implemented a staking protocol that allows holders to earn tokenized rewards, further incentivizing community engagement.
Ultimately, WSM’s unique blend of memes and real-world utility has set the stage for potential growth in the ever-changing meme coin space.
Visit Wall Street Memes Presale
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The post Here’s Why the PEPE Price Tanked 20% as Suspicions of Team Dump Grow and Investors Switch to Alternative Meme Coins appeared first on CryptoPotato.