There are new claims about Pepe Coin, which was released on April 16 and rose 3,200x in a short time. Recent reports indicate that its smart contract contains some questionable functionality. According to the new findings, the altcoin price was controlled by the project team holding these functions.
New claim about Pepe Coin: Altcoin price is being manipulated
Pepe, a community-focused meme coin like SHIB and Dogecoin, has been in the spotlight with its high earnings since last week. The price has gone up 3,200x at one point and has been falling at the same rate in recent days. As reported by Kriptokoin.com, it was claimed that the rally was manipulated by the team. The Pepe Coin team has designed a smart contract function that will control the coins entering the wallets of thousands of investors.
According to a new report from Lookonchain, wallets affiliated with the Pepe Coin team have been carrying a large amount of altcoins recently. As the price rallied, trillions of PEPEs were exchanged for ETH on various exchanges. Details are as follows…
1/ We found that 5 addresses related to pepecexwallet.eth bought 8.87T $PEPE at a low price, and the cost was ~0.19 $ETH ($385).
Then sold 7.76T $PEPE for $1.23M on #DEX, made nearly $1.23M (3,200x)! pic.twitter.com/hIvTJX6UTK
— Lookonchain (@lookonchain) April 24, 2023
According to Lookonchain’s report, 5 wallets linked to the project team prepared ahead of the rally. These wallets bought 8.87 trillion tokens before the Pepe Coin rally with a balance as low as 0.19 ETH. They then sold 7.76 trillion PEPEs for $1.23 million on decentralized exchanges.
These sales were predominantly made through Uniswap. A smaller amount was sold on the crypto exchange Huobi. Thus, they pocketed a profit of about $1.23 in a short time. The 5 respective wallets earned 3,200x on these trades.
Pepe Coin is controlled by these whales!
Pepe Coin has experienced a meme coin bull like Shiba Inu and has reached millions of dollars worth of wallets. However, these large balances have a direct impact on the price.
The largest Pepe Coin whale is holding more than $1 million worth of PEPE. Analysts are raising concerns about the behavior of investors who bought large amounts of Pepe Coins after they were issued on Ethereum, raising the initial capital by more than $9 million in a matter of days.
According to data compiled by Flipside Crypto, the largest Pepe Coin wallet currently has $1.1 million in wallets for several hundred dollars in ETH. This wallet also holds $1.1 million Shiba Inu (SHIB) and $1 million Floki (FLOKI). The data shows that the whale is an active memee coin investor. The wallet also has an investment of $43,000 worth of ETH.
What’s next for altcoin investors?
Analysts like Twitter’s @louround_ said last week that almost 3% of PEPE assets are linked, citing $3.78 million worth of tokens from wallet analytics tool Bubblemaps. “These wallets pose a huge risk to the market and their holders as they have a token value that is superior to all available liquidity on the network,” @louround_ tweeted.
What’s more worrying?
5 days ago $PEPE had 2 major clusters that had links with 5% of the supply each!
Based on the current valuation, 5% of the supply equals to $140M * 5% = $7M which is once again higher than all the available on-chain liquidity. pic.twitter.com/zUfqUTdofJ
— Louround 🥂 (@Louround_) April 20, 2023
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