Cointelegraph spoke to developers of a new PEPE token spin-off who claim it is everything the old Pepe token should have been. The original Pepe token suffered a partial rug pull when anonymous developers sold nearly $16 million worth of the token without the knowledge of the official Pepe X account. Crypto trader Reetika Trades believes the event will have negligible effects on the token’s outlook in the long run, as it is a memecoin with no promise of utility. However, not everyone agrees, with some analysts warning of higher volatility and prominent trader Kaleo hoping for the collapse of Pepe. In response to the turmoil, an anonymous team has created a new PEPE token that they claim is decentralized, community-driven, and deflationary.