---
title: What's Driving Token Prices? August 30, 2023
description: Join Arca's Director of Research, Katie Talati, to learn about what is driving token prices in the digital asset ecosystem.
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---

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# What's Driving Token Prices? August 30, 2023

[![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati)

 Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati)

 Aug 31, 2023

**Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.**

Watch Our Founders Video

- **PEPE (-23%)** - the meme project, Pepe, faced a rollercoaster of a week as internal conflicts led to a treasury liquidation and a crash in token price. Last week, it was reported that the Pepe treasury multi-sig wallet suddenly changed its requirements from 5 /8 signers to 2 /8 signers. Team members reportedly removed 60% of tokens from the multisig and subsequently removed their access to the multisig. These tokens, worth ~$15m at the time, were sent to several centralized exchanges to be sold, crashing the price over 20%. As the story made the rounds, many began labeling Pepe as a “rug” as the founding team had clearly given up on the project and chosen to cash out. While the project might now be free from “bad actors”, the token price is still suffering down -23% for the week.
- **LINK (-7.2%)** - Decentralized oracle provider, Chainlink, announced the version 0.2 of its staking program will launch in Q4 following the initial launch last December. Despite the announcement, the staking component of the Chainlink network will remain very small with the total LINK available for staking increasing from 25M (2.5% of circulating) to 45M (4.5% of circulating). This is among a handful of other smaller updates. Critically, participants can still only stake to the ETH/USD data feed, so revenue distribution will remain miniscule. Staking is a large component of Chainlink’s roadmap designed to decentralize and provide incentives for data providers operating in the network. However, the slow rate of deployment of staking to existing Chainlink oracles makes this appear to be very far out.
- **DYDX (-0.5%) **- Voting has begun on a proposal that would officially migrate dYdX,  the leading decentralized exchange, to its own chain on the Cosmos network next month. Once dYdX transitions to its own chain, the new exchange will utilize the DYDX token as the Layer-1 token for security (via staking) and for paying gas fees. This upgrade has been long awaited and promises a number of improvements to speed and execution over the v3 of dYdX. The vote is set to conclude Friday and is already favored to pass.
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*DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."*

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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

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