Pepecoin (PEPE), once an extremely profitable memecoin, has plunged by more than 80% four months after its record high. Now, technicals suggest that the memcoin could be at risk of even bigger losses in the coming weeks or months.
On Aug. 24, several rogue Pepecoin developers changed the number of signatures required to move tokens from their multi-sig wallet from five-out-of-eight to two-out-of-eight. Then, they sent $16 million worth of PEPE to crypto exchanges, suggesting that they wanted to sell.