Pepe Coin Drops Further As PEPE Telegram and X Accounts got Compromised
After the market recovered from the PEPE price rise, the Pepe coin (PEPE) price began to fall.
Pepe (PEPE), the most controversial memecoin has recently experienced several hurdles. The creators of this unusual digital money have reported unauthorised access to their main Telegram channel, requesting the community to denounce it as a hoax.
Meanwhile, a popular PEPE-related account on X, formerly known as Twitter, has been taken over by accused scammers. Despite these difficulties, the coin's value has fallen, and there is a notable shift in community mood.
Effect of Pepecoin Social Account's Hack
At the time of the alleged attack, the compromised Telegram channel, which was an important communication tool for Pepe fans, had approximately 45,000 followers. The contributors have distanced themselves from any information distributed through this channel since the incident.
They are now mobilising the PEPE community to help them close down the compromised group, emphasising the importance of establishing a new, safe communication platform over other altcoins.
Individuals with potentially malevolent motives now run the social media account "LordKekLol" on X, which was once a trusted voice for the PEPE community. This account's new operators are suspected of promoting fraud, offering new coins, and misleading investors.
The current account owner, in contrast to the assertions made by the original PEPE team, denies the hacking charges. Instead, they claim that the PEPE team is having internal conflicts and "split-ups."
FUD Surrounds Pepecoin Leads to Price Decline
Tweets from members of the community have expressed concerns about the veracity of the material coming from these sources. Many people advise caution and urge Pepe fans to double-check any financial prospects or statements. Pepe coin's value had dropped by more than 3% at the time this article was published.
Significant sell-offs aggravate this drop in early September 2023. Large holders, who appear to be losing faith, have sold over 2.3 trillion PEPE for Ethereum (ETH). The community's faith was further eroded when project donors allegedly deposited 16 trillion PEPE on the OKX centralised exchange.
At the press time, Pepe (PEPE) is trading at $0.000000665961, with a 24-hour trading volume of $58,432,212.90. This indicates a -7.01% drop in the last 24 hours and a -16.63% drop in the previous 7 days. Pepe has a market valuation of $278,693,575, with a circulating supply of 420 Trillion PEPE.
Conclusion
The recent social media hack of Pepecoin has created a FUD-like ripple effect. Additionally, the developers appear to be divided on Pepecoin's future, and last week, $15 million worth of PEPE coins were transferred from a multi-signature wallet to numerous exchanges. Some developers changed the wallet signatures to influence the assets within it, causing the price of PEPE to fall. However, other analysts believe it could be a phase in a larger rug pull plot.
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