Pro-XRP Lawyer Shares Opinion PEPE Explosion, What Did He Say?
May 15 2023 - 11:40AM
NEWSBTC
Pro-XRP lawyer John Deaton has dropped his opinions on PEPE while
the viral meme coin’s investors brood over its massive price
plunge. The Pepe the Frog-themed meme coin became prominent
immediately after launch, rallying 1,000% within the first two
days. Pepe’s performance and increasing popularity secured it a
listing on Binance, further pushing its price by over
200%. However, some investors were uncomfortable with the
sudden price surge and have been asking questions. Deaton
Suggests PEPE Is A Calculated Scam Pepe coin’s explosive price
actions moved the crypto industry. Bullish investors leveraged the
coin’s growing popularity to accumulate more, while others appear
to seek opinions from industry figureheads. Related Reading:
Shiba Inu Coin Holders Hit Hard As 80% Of Addresses Smothered In
Red In a tweet, John Deaton revealed that he received several
DMs and emails from people requesting his thoughts on PEPE. Deaton
retweeted DeFi analyst Chris Blec’s opinion on Pepe. In Blec’s
tweet, the analyst warned people that Pepe is a carefully planned
scam in which the creators use investors as pawns in a much bigger
game. In his words, such games have consumed the lives of many. He,
however, advised investors to wise up. Deaton retweeting Chris
Blec’s comment regarding Pepe as his response to people raised some
questions. Did the lawyer investigate before arriving at this
conclusion, or did he trust Blec’s words for what it is? The crypto
community reacted to Deaton’s opinion, some in support while others
disagreed. A Twitter user @StanzaErick said he doesn’t understand
why people should ask a lawyer for investment guidance. Another
respondent Mark Hawkes, a pro-XRP crypto enthusiast, agreed with
Deaton that projects like Pepe could wreck retail investors. The
Current Price Outlook Meanwhile, the meme coin isn’t doing well at
the moment. The token’s price has gone the opposite of the bullish
performances recorded two weeks ago. It has lost most of its 7-day
price gain over the past few days. The data shows the meme coin is
down 38.46% over the past seven days. That’s not all. Pepe favored
the bears for most of last week, with a 31.3% price decline on May
9. Related Reading: Ethereum Loses Grip On $1,800: Will The
Bulls Barge In To Save The Day? On May 12, it registered a 26.9%
price decline before adding a 22.9% price gain on the 13th and 9.1%
on the 14th. Staying true to form, Pepe’s price has declined by a
further 10.4% in the last 24 hours, with the technical indicators,
including the Oscillators and Moving Averages, flagging strong sell
signals. Pepe is currently trading below the 10-day exponential and
simple moving averages, an indicator that the bears are in
control. The possibility of the meme coin rebounding from the
dump depends on the bulls’ ability to overturn the situation.
Featured image from Pexels and chart from TradingView
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