Whales Started Selling That Hacked Altcoin at a Loss!

Pepe (PEPE), the new meme token popular in 2023, reported today that its official Telegram account was hacked. The biggest investors started to accumulate altcoins on central exchanges after the hack news.

The hack news was followed by a large amount of altcoins moving to the exchanges.

As reported by Kriptokoin.com, the PEPE team reported a Telegram hack incident earlier in the day.

Following the hack news, the 726 billion PEPE sale of a huge altcoin whale attracted attention. Whale obtained 345.7 Ethereum (ETH) in return for this PEPE sale. Whale then fixed his ETHs in his Coinbase wallet.

According to the latest data from CoinGecko, PEPE is currently trading at $0.000000786210. Despite the sales, it has moved sideways over the last 24 hours. However, the impact of this whale behavior creates ripples through the market dynamics of the memecoin.

The price of PEPE saw a brief increase of 3.48% on September 7. However, it then rapidly dropped again to $0.0000007857. This likely indicates that a significant 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.

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