Closely followed economist Max Keizer says an altcoin project that has been rallying since mid-April is a ‘securities’.
Max Keizer qualifies altcoin making 210x as “no-record security”
Launched on April 17, Pepe Coin (PEPE) captured the crypto headlines with a yield of over 2,000%. Today, it completed another 110% rally with OKX’s listing announcement. The data shows that the meme coin, which launched just two weeks ago, is now in the top 100 with a market cap of $582 million. The intense interest also attracted Binance CEO CZ. According to CZ’s statements, we can see that the leading exchange lists Pepe Coin soon.
However, the stories of investors who have recently become millionaires thanks to Pepe Coin have drawn criticism from Max Keizer. Keizer thinks that investing in Pepe Coin is a gamble, as investors buy it just to capitalize on speculation.
https://twitter.com/CryptoNewsYes/status/1653061389391388673
Pepe Coin is Ethereum’s cryptocurrency with ERC20 standards. However, since it is a meme coin, it has no particular intended use. As in recent weeks, it is generally used for speculation. During the process, several investors made huge gains on PEPE. This raises doubts about the legitimacy of the project.
As Kriptokoin.com, we have mentioned that Pepe Coin’s smart contract includes some red flag functions. Specifically, its core contract includes that users can be blacklisted, along with some questionable functions. Also, most of the token supply is in the hands of only a few wallets. This raises centralization concerns.
Pepe Coin briefly caught up with Dogecoin and Shiba Inu
Over the weekend, PEPE saw a dip, leading to speculation that its rally is finally over. But all that changed on Sunday, once he started the rally. On Monday morning, PEPE retraced all of its weekend losses. In this process, ATH renewed its love again.
With PEPE rising above the $0.000001 price level, its market cap finally surpassed the half-billion market cap. Its current market cap of just under $600 million makes it currently the third largest meme coin on the market. At this point it is only behind OGs like Dogecoin (DOGE) and Shiba Inu (SHIB).
As such, it is now larger than some of its predecessors, including Floki Inu (FLOKI), Baby Dogecoin (BABYDOGE), and Dogelon Mars (ELON). However, it is still well below SHIB’s $5.9 billion and Dogecoin’s $10.9 billion market cap. Pepe Coin’s 100% rally on May 1st is based on OKX’s listing announcement.
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