The Pepe (PEPE) price has dropped 20% over the past 24 hours as investor fears ramp up following odd changes to the development team’s crypto wallet.
These changes have led many in the crypto community to speculate that the developers are gearing up to sell their PEPE holdings in a potential “rug pull.”
Due to this, crypto whales are now switching to alternative meme coins – with Wall Street Memes ($WSM) and Sonik Coin ($SONIK) emerging as viable candidates.
Investors Flee as PEPE Price Crashes Over 20%
It’s been a rough day for PEPE holders, with the token’s value dropping as low as $0.00000077.
This is the lowest that PEPE has traded since May 1 – before the token hit its all-time high.
A sharp sell-off occurred following some surprising news that PEPE’s developers had lowered the number of signatures required to make transfers from the multisig wallet.
The wallet had previously required five signatures to facilitate transactions – now, it only needs two.
This sudden change has sent shockwaves throughout the PEPE community, sparking fears of a potential rug pull.
Many investors interpret the reduction in required signatures as a sign that the developers are seeking more control over PEPE’s liquidity.
Adding to the uncertainty is that over 16 trillion PEPE tokens were transferred out of the development team’s crypto wallet and into exchanges.
This massive transaction, split into four transfers, has caused anxiety amongst the investment community – leading many to sell off their PEPE holdings.
Naturally, these moves have affected broader market sentiment, with CoinGecko revealing that the community is now “bearish” on the coin’s prospects.
The removal of trust in PEPE’s developers has left many holders vulnerable, exacerbating the sell-off.
However, this situation has led to an uptick in price for PepeCoin Cryptocurrency (pepecoin), which is a token modeled after the Pepe the Frog meme and launched back in 2016.
The token’s value soared 375% after the news broke, hinting that investors were moving into a similarly-named token in protest, rather than PEPE.
All in all, this situation serves as a warning about the risks that are present in the world of cryptocurrencies – particularly in the meme coin space.
Which Alternative Meme Coins Are Whales Switching To?
Given PEPE’s volatile price action and uncertain future, crypto whales are now looking for alternative meme coins that may provide more stable prospects.
Two leading contenders in this regard are Wall Street Memes and Sonik Coin – both of which are seeing significant inflows in their respective presales.
Wall Street Memes Presale Enters Final Stage After Hitting $25m Funding Milestone
Many traders have been racing to get involved in the Wall Street Memes (WSM) presale, which now has just over one month remaining before the token is listed on multiple Tier-1 exchanges.
Wall Street Memes’ presale has been one of the most talked-about events in the meme coin market this year, raising over $25 million from early backers.
Much of the presale’s success can be attributed to the colossal community surrounding the Wall Street Memes brand – a community comprising over 1.1 million people worldwide.
This community is highly active on social media channels like Reddit and Twitter, even interacting with Elon Musk several times.
Adding to the hype around WSM is that the token’s creators have already succeeded in the digital assets space through Wall St Bulls NFTs.
This collection was launched in 2021 and sold out in just 32 minutes – raising $2.5 million in the process.
With this proven track record, the creators now seek to tackle the crypto market, tokenizing the massive Wall Street Memes community through WSM.
This unique approach has caught the attention of meme coin investors – setting WSM up for a highly-anticipated CEX launch next month.
Sonik Coin Speeds Past $450k Presale Raise as Investor Hype Builds
Another new meme coin gaining traction while PEPE falters is Sonik Coin (SONIK).
Inspired by the Sonic the Hedgehog character, SONIK’s presale has raised over $450,000 in just eight days, with tokens on offer for $0.000014.
Once the presale’s hard cap of $2 million has been hit, SONIK’s developers plan to launch the token on Uniswap – the world’s largest DEX in terms of daily trading volume.
Sonik Coin’s flagship feature is its staking protocol, which allows holders to obtain yields of up to 145% per year.
As noted on Sonik Coin’s staking dashboard, over 16.5 billion $SONIK tokens have been staked already – representing 5.5% of the total supply.
Looking ahead, the token’s developers have laid out an ambitious goal to become the fastest meme coin to reach a $100 million market cap.
This lofty goal has caught the attention of crypto influencers like Jacob Bury, who described SONIK as a “low cap 10x potential crypto gem”.
With PEPE coin’s bearish momentum showing no signs of slowing, SONIK could become a viable alternative for investors seeking to explore new meme coin opportunities.
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