The Pepe (PEPE) meme token has taken the cryptocurrency community by storm, with many investors enjoying impressive returns on their investments. However, recent investigations into five addresses linked to pepecexwallet.eth has raised concerns about the legitimacy of these gains.
These addresses, believed to be connected to the token’s creator, made a staggering 3,200x return on their investment, purchasing a total of 8.87 trillion PEPE tokens at a low price of approximately 0.19 ETH ($385). These tokens were then sold on decentralized exchanges (DEX) for a total of $1.23 million.
Transactions Raise Red Flags about Pepe Meme Token’s Impressive Rise in Value
A closer examination of the transactions shows that wallet “0xAd10” bought 2.44 trillion PEPE tokens for 0.0195 ETH ($39.3) before transferring them to wallet “0x9807.”
Wallet “0x9807” then bought an additional 0.06 trillion PEPE tokens for 0.11 WETH ($230.84) and transferred a total of 2.5 trillion PEPE tokens to wallet “0x7607.”
Finally, wallet “0x7607” bought 1.77 trillion PEPE tokens for 0.0175 ETH ($35.24) and sold all 4.26 trillion PEPE tokens for $726,218. These transactions have raised concerns about the authenticity of the Pepe meme token’s impressive rise in value.
Pepe Meme Token’s Ability to Blacklist Wallets and Manipulate Supply Raises Concerns
The Pepe meme token experienced a dramatic 7,500x increase in just a few days before correcting by 60%, only to rebound by another 60%. However, recent findings suggest that the token’s meteoric rise may not be as organic as it appears. The ability of the token’s developer to blacklist wallets and manipulate the token’s supply has raised red flags about the safety of holding PEPE.
While tokens like PEPE can offer significant gains in a short amount of time, they can also be susceptible to manipulation and may not be a stable long-term investment. It is crucial for investors to exercise caution and perform due diligence before investing in any cryptocurrency or token.
In conclusion, investigating the Pepe meme token’s recent gains has raised serious concerns about its authenticity and stability. Investors should consider the potential risks before investing in this or any other token.