Pepe Memecoin Rises Despite Website Hack: What You Need to Know
The cryptocurrency market never ceases to surprise enthusiasts and investors alike. One of the latest examples is Pepe (PEPE) memecoin, which has seen a 4.46% price increase in the past 24 hours despite a significant security breach on its official website.
The Price Trends of Pepe Memecoin
Currently valued at approximately $0.000004898, PEPE’s price rise is supported by a strong retail and institutional interest. Technical indicators are highlighting bullish momentum amidst the broader memecoin rally sweeping the crypto market. Interestingly, the hack on its website has not dampened trading enthusiasm, though analysts have warned that this could change if security concerns are not addressed promptly.
Technical data showcases PEPE recently breaking above its 7-day simple moving average (SMA) of $0.0000045579 and its 30-day exponential moving average (EMA) of $0.0000051095. In addition, the Relative Strength Index (RSI) is currently at 47.08. These metrics imply that the token has ample room for upward movement, encouraging increased trading volume, which has surged by 26% to approximately $381.5 million over the past day.
Market Sentiment and Institutional Involvement
While retail investors are fueling PEPE’s rally, institutional sentiment is also playing a major role. Companies like BlackRock have expressed positive acknowledgments of cryptocurrencies, particularly stablecoins, which helps build market confidence. Bank of America’s stance on allocating modest portfolios to cryptocurrency underscores the increasing role of digital assets in mainstream financial strategies.
Broader trends in the memecoin ecosystem also play a role, as other tokens like Fartcoin have reported double-digit gains, aligning with the so-called “Altcoin Season.” The Altcoin Season Index at 21 reflects the growing appetite for high-risk, high-reward assets among crypto investors.
Website Hack: Risks and Recommendations for Users
The hacking of PEPE’s official website highlights the persistent risks in the cryptocurrency space. Identified by cybersecurity firm Blockaid, the attack involved the use of the Inferno Drainer suite, which specializes in phishing, wallet draining, and social engineering attacks. Users encountering the compromised website may find themselves redirected to malicious links, further amplifying security concerns.
To minimize potential losses, investors and traders should avoid interacting with the hacked website until security enhancements are confirmed. This incident serves as a reminder for crypto investors to use trusted platforms and acquire robust hardware wallets for safeguarding their digital assets. The Ledger Nano X, for instance, is a widely recommended hardware wallet that can enhance the security of your assets. You can check it out here: Ledger Nano X.
What Lies Ahead for PEPE?
Maintaining momentum above the $0.00000500 level is critical for PEPE’s bullish trajectory. However, traders should keep an eye on resistance at the 23.6% Fibonacci retracement level of $0.0000057928, which may serve as the next target for price growth.
While the market currently supports PEPE, analysts urge caution in light of the website breach. As the incident remains unresolved, its long-term price stability might be at risk. Nonetheless, the broader bullish market for memecoins provides a promising backdrop for PEPE’s growth potential in the near term.
