Despite Scandal, Crypto Influencers Keep Faith in PepeCoin

Join Our Telegram channel to stay up to date on breaking news coverage

In a twist of events, PepeCoin, the meme cryptocurrency that once boasted a market cap of $1.5 billion, is facing scrutiny and allegations of a “rug pull.” Just last week, on-chain detectives noticed $16 million worth of PepeCoin transferred to exchanges from a significant project wallet. To add salt to the wound, those tokens were then sold. Yet, some influencers are standing firm in their support for PepeCoin, undeterred by recent red flags or its 20% drop in market value.

The situation escalated when the anonymous founder of PepeCoin apologized and admitted that a few team members had acted irresponsibly. The founder assured that the remaining 10 trillion PepeCoin, worth $8.7 million as of this article, were “in safe hands” and that the project would continue unhindered after the remaining coins are burned.

Pepe is fine and always will be. I’m a Pepe maxi.

— Jason A. Williams (@GoingParabolic) August 27, 2023

Despite the drama, Jason Williams, a well-known Bitcoin influencer, doubled down on his commitment to the beleaguered meme coin. “I’m a Pepe maxi,” he declared on Twitter. “Pepe is fine and always will be.” Williams’ vocal support came right after criticism from Cory Klippsten, CEO of Swan, who remarked, “Bitcoiners don’t promote shitcoins,” aiming at Bitcoin enthusiasts who have been vocal about PepeCoin.

Who are your favorite Bitcoiners who promoted Pepe coin? (team just rugged)
.
.
.
.
.
.
.
.
.
.
.
.
.

Trick question. Bitcoiners don't promote shitcoins.

— Cory Klippsten | Swan.com 🦢 #Bitcoin (@coryklippsten) August 27, 2023

The current predicament contrasts sharply with the meme coin’s past glory days, including its peak market cap and its headline-grabbing stunt of a plane-pulled banner in Miami that boldly claimed, “$PEPE IS THE NEXT $BITCOIN.”

Down to the Bottom

PepeCoin’s market capitalization now sits at a humbler $371 million, making it the 98th largest cryptocurrency, as per CoinGecko. Yet, other influencers like Pauly and Alchemenest have also reaffirmed their confidence in PepeCoin. On Monday, Pauly insisted that PepeCoin’s current price action is far from a “downfall,” while Alchemenest stated, “I believe that we can bring the OG $pepe vibes back.”

Alchemenest went on to add in an interview that they don’t view the recent insider actions as negatively as the general public does. “I don’t look at it like a rug,” they communicated via Twitter DM. Mando, the anonymous co-founder of DegenzNFT, also defended PepeCoin by arguing that the community plays a more significant role now. “Now at least they barely have any left (might burn) and it’s basically all community,” Mando pointed out.

A plane flying over Bitcoin Miami with a sign that says $PEPE is the next Bitcoin 👀 @GoingParabolic was that your plane? pic.twitter.com/ytzs98ak8E

— Chris (@chris_eths) May 19, 2023

However, not everyone is convinced. Social analytics platform LunarCrush showed a spike in negative sentiment towards PepeCoin. Bearish sentiments increased by over 250%, while bullish sentiments saw a lesser increase of 160%, according to their data.

It seems that the team’s potential abandonment of the project is not yet the death sentence that some have proclaimed

Interestingly, a research note from Kaiko contradicts the doom-and-gloom outlook. Kaiko’s recent note suggests that PepeCoin has weathered the storm remarkably well, stating that despite the 20% dip, there are 300,000 more bids than asks on centralized exchanges. “It seems that the team’s potential abandonment of the project is not yet the death sentence that some have proclaimed,” Kaiko concluded.

So, despite the bumps on the road, PepeCoin seems to have retained a hardcore set of believers who are not yet ready to throw in the towel. Whether or not they will be vindicated remains an open question.

An Alternative? Wall Street Memes Token: The Emerging Luminary in Crypto Land

Drawing inspiration from Wall Street Bets and the GameStop phenomenon, Wall Street Memes is making waves in the cryptocurrency sector. The venture has successfully raked in a whopping $22.817 million, hinting at its immense potential to be the next big thing in digital currencies.

Essentially, Wall Street Memes is a unique blend of internet culture, playful meme humor, and an engagement in financial markets. The project aims to take the stiffness out of traditional finance and invite people into the much-talked-about cryptocurrency landscape. In simpler terms, it allows you to both invest and have a good time doing it.

To dive into this unique market, users can acquire WSM tokens, which are at the core of the Wall Street Memes movement. These tokens allow individuals to engage in financial bets that echo the practices of traditional Wall Street traders. Want to be a part of it? Just join the community and grab some WSM tokens.

The token, priced currently at $0.0337, has seen a tremendous influx of support ever since its presale kicked off. The amount of funds gathered clearly signifies its burgeoning appeal among potential investors.

For those interested in participating in this up-and-coming venture, the steps are pretty straightforward. Head over to the project’s official website, and you’ll have the choice of making a purchase using either USDT or ETH. The developers behind Wall Street Memes are committed to transparent operations, sharing plenty of insights into how the project is managed.

In terms of the presale logistics, half of the entire token supply is up for grabs. Meanwhile, 30% has been earmarked for community rewards, and the last 20% will be allocated for liquidity across both centralized and decentralized trading platforms.

So there you have it, a project that not only opens the door to the world of cryptocurrencies but does so with a sense of humor and a nod to the culture that inspired it.

Buy Wall Street Memes (WSM) Token Here