Pepe Price Crashes Following Rug Pull Fears as Traders Back WSM, SONIK, and SHIA Tokens Instead
The price of Pepe (PEPE) has crashed over 20% after the project’s founders unexpectedly transferred trillions of tokens from their developer wallet.
This controversial move has prompted crypto experts to move away from PEPE amid rug pull suspicions, instead recommending several other meme coins.
Three of the most talked-about coins in this regard are Wall Street Memes (WSM), Sonik Coin (SONIK), and Shiba Saga (SHIA) – all of which are seeing an uptick in investor interest.
Controversial Developer Actions Destroy Community Trust & Prompt PEPE Sell-Off
At the time of writing, PEPE’s price is hovering at $0.00000088, following a sharp sell-off in the past 24 hours.
This sell-off comes after PEPE’s development team transferred $16 billion worth of PEPE tokens from the project’s multisig wallet to several major exchanges, including Binance and OKX.
These transactions marked the first time that tokens had ever been withdrawn from the developers' wallet to exchanges – sparking fears that the team was about to cash in on their PEPE holdings.
No reason has been given for this decision, further enhancing the uncertainty surrounding PEPE's future.
Making matters worse, an article from CoinDesk revealed that PEPE's developers lowered the signature requirement on the multisig wallet from five to just two out of eight.
Naturally, the broader PEPE community is now questioning the developers’ intentions – with many opting to exit their positions rather than wait and see what happens.
Data from CoinMarketCap reveals that PEPE trading volume has climbed 308% in the past day, showcasing the level of selling pressure the token faces.
Overall, faith in PEPE is fading rapidly, with this situation serving as a cautionary tale on the fragile nature of meme coins that rely on social media buzz and community trust.
Which Meme Coins Are Experts Backing Instead of PEPE?
Many crypto experts are now opting to avoid PEPE entirely, instead recommending meme coins that could have clearer price prospects.
Wall Street Memes, Sonik Coin, and Shiba Saga have emerged as popular alternatives in this regard, with all three seeing an uptick in trader interest.
Wall Street MemesPresale Raises $25m & Enters Final Stage Ahead of CEX Listing
Wall Street Memes (WSM) is one of the leading meme coins that is gaining traction in the wake of the PEPE controversy.
Unlike PEPE, Wall Street Memes has been growing due to its innovative branding strategy and carefully laid out roadmap – both of which have contributed to the success of the project’s ongoing presale.
This 30-stage presale, now in its final stage, has raised over $25 million since launching in May, with prospective investors offered a narrow window to buy WSM before it debuts on CEXs in September.
Many in the Wall Street Memes Telegram community expect this CEX debut to be pivotal, given the recent market success of other low-cap meme coins like $BITCOIN.
Additionally, Wall Street Memes' team has recently launched a staking protocol for WSM, adding real-world utility to the token.
At the time of writing, WSM holders can lock up their tokens and earn yields of up to 95% per year, with over 210 million tokens staked already.
With the momentum behind Wall Street Memes continuing to grow, the project looks poised to potentially capitalize on the gap left by PEPE’s downfall.
Visit Wall Street Memes Presale
Sonik Coin Gains Presale Momentum & Nears $500k Funding Milestone
Similarly to Wall Street Memes, Sonik Coin (SONIK) is another emerging meme coin that has caught the crypto community's attention.
Inspired by Sonic the Hedgehog, Sonik Coin has raised nearly $500,000 through its presale, with the hard cap set at $2 million.
SONIK’s unique selling point is its staking protocol, setting it apart from the sea of meme coins launched each week with no use cases.
Per Sonik Coin’s dashboard, over 16.9 billion SONIK tokens have been staked already, with holders earning an annual yield of 141%.
However, the development team isn’t stopping there, with the project’s roadmap noting ambitions to become the fastest meme coin to reach a $100 million market cap.
Several influential online personalities have also voiced support for SONIK – with YouTuber Michael Wrubel stating that it’s his “next $1,000,000 meme crypto”.
With an upcoming launch on Uniswap and a price of just $0.000014 per token during the presale, many investors view Sonik Coin as a potentially lucrative opportunity in the ever-evolving meme coin space.
Shiba Saga Emerges as New Meme Coin Contender with Exciting Ecosystem
Lastly, Shiba Saga (SHIA) is another token that experts are backing amid PEPE’s price crash.
According to CoinMarketCap, over $22.3 million worth of SHIA exchanged hands in the past 24 hours – more than high-profile meme coins like Dogelon Mars, Bone ShibaSwap, and FLOKI.
Launched on August 22, SHIA is the central currency for a collection of games known as the "Shiba Saga."
By playing these games, players can earn and spend SHIA tokens – providing a route towards a recurring tokenized income stream.
Shiba Saga's team aims to create an expansive metaverse environment, complete with NFT integration, where players can upgrade and trade characters that can be used in each available game.
This combination of an engaging ecosystem and clear vision for the future has made SHIA an intriguing investment opportunity for those seeking exposure to Shiba Saga’s growth.
As such, with the token’s price up 655% in the past four days, Shiba Saga could be yet another project to watch amid PEPE’s sharp decline.
Comments
Post a Comment