As Cryptokoin.com reported, PEPE Coin (PEPE), one of the leading altcoin projects of recent days, continued to gain popularity with the support of many investors and saw a great rise in its social activities. However, there are many analysts who still think that PEPE is a ‘scam’. So what do these crypto experts stand for when they call PEPE a scam project? Here are the details…
Cryptocurrency experts explained: “The popular altcoin PEPE could be a ‘scam’!”
Chris Blec, a prominent crypto advocate and founder of DeFi Watch, suggested that Pepe did not come about by accident. According to Chris Blec, “big money, powerful people and careful planning” make up for ‘scam’ projects like PEPE. The DeFi Watch founder claimed that Pepe’s retail investors are pawns in a much larger game.
Another name who states that PEPE is a ‘scam’, that is, a fraud, is described as CryptoLaw founder lawyer John Deaton. It seems interesting that Deaton pointed to Blec’s remarks in response to tons of emails and DMs from people asking for his opinion on PEPE.
I’ve received a ton of emails and DMs about $pepe asking me what my thoughts are. Since you asked: https://t.co/hSCPR6PkKS
— John E Deaton (@JohnEDeaton1) May 14, 2023
On the other hand, Yassin Mobarak, the founder of the private equity firm Dizer Capital, described PEPE as a ‘scam’ project. Mobarak called the Pepe token a trojan designed to make the crypto market worse, just like crypto exchange FTX. The expert stressed that the playbook of projects like Pepe often follows a similar pattern. These steps include promoting a scam project, pumping it until it attracts naive investors, and blaming crypto for being dangerous, using and repeating the event to strangle the entire industry.
$PEPE is a trojan horse meant to further blow up crypto, just like FTX was.
The playbook is clear by now.
1. Introduce a scam project
2. Pump it massively until it attracts the gullible masses
3. Then blow it up and blame everything on Crypto and how dangerous and full of… https://t.co/ly4usiUb3i
— Yassin Mobarak (@Dizer_YM) May 14, 2023
Outperformed many cryptocurrencies
Digital Asset Investor, another name that turns to cryptocurrency projects on Youtube, questions why the United States Securities and Exchange Commission (SEC) does not investigate meme coin projects like PEPE. However, Digital Asset Investor noted, “I often wonder if some of these meme coins were designed by the government to keep the focus on the shady side of crypto.” The team behind Digital Asset Investor’s official Twitter account made this statement in response to statistics about Pepe shared by famous XRP influencer Mr.Huber (@Leerzeit).
The closely followed name stated that despite being launched less than a month ago, Pepe has more trading volume than top crypto assets such as XRP, Cardano (ADA), Algorand (ALGO), Quant (QNT) and Hedera (HBAR). .
https://twitter.com/Leerzeit/status/1657729057662935043
How did Pepe Coin come about?
Pepe Coin was released by an anonymous user on April 16, 2023. Unlike most Coins, Pepe did not have a pre-sale. According to CoinMarketCap data, PEPE is up 6,140 percent from its all-time low of $0.00000002764 since its launch. At the time of this writing, Pepe is trading at $0.000001706.
However, despite being launched less than a month ago, Pepe ranks as the third largest meme coin with a market cap of $667.6 million. PEPE ranks behind only Shiba Inu (SHIB) and Dogecoin in the largest meme coin ranking. Pepe’s tremendous rise to fame has caught the attention of top crypto exchanges. Top exchanges such as Binance, KuCoin, and Coinbase have listed the coin due to its growing popularity.
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