Is PEPE a Scam Project? Attorneys and Analysts Shares Insights

PEPE Price Surges as Twitter Followers and On-Chain Holders Increase

Pepe (PEPE), which was introduced just under a month ago, has experienced a remarkable surge in both its market value and social engagement as its popularity continues to grow extensively.

Prominent Crypto Enthusiasts That Share the View That PEPE is a Scam

Despite achieving remarkable success in a relatively brief period, prominent cryptocurrency enthusiasts maintain their skepticism regarding the legitimacy of Pepe (PEPE), considering it to be a fraudulent venture based on internet memes.

Attorney John Deaton (CryptoLaw Founder)

A noteworthy observation is that attorney John Deaton, the founder of CryptoLaw, highlighted Blec’s response in relation to the numerous emails and direct messages he has received, seeking his perspective on PEPE.

Related article: As PEPE Price Falls, Unknown Whales Buys 2T+ Coins; What’s Next?

Chris Blec (DeFi Watch Founder)

Chris Blec, a notable cryptocurrency proponent and the founder of DeFi Watch, stated that the creation of Pepe was not a mere coincidence.

Yassin Mobarak (Founder of Dizer Capital)

Yassin Mobarak, the founder of Dizer Capital, a private equity firm, also believed that PEPE is a fraudulent scheme. Mobarak likened the Pepe token to a trojan horse deliberately created to fuel a significant surge in the cryptocurrency market, similar to what happened with the crypto exchange FTX.

He emphasized that projects like Pepe typically follow a predictable playbook. This strategy involves introducing a fraudulent project, artificially inflating its value to attract unsuspecting investors, deliberately causing its collapse, and then shifting the blame onto the broader cryptocurrency industry as a dangerous space. This incident is then exploited to suppress the entire industry, only to repeat the cycle again.

Digital Asset Investor

However, Digital Asset Investor, a well-known XRP influencer and YouTuber, raised a question about the apparent lack of investigation by the United States Securities and Exchange Commission (SEC) into projects such as Pepe.

“I often wonder if some of these meme coins are engineered by the government to keep the focus on the shady side of crypto,” Digital Asset Investor stated.

Related Reading: Coinbase Labels Pepe Coin a “Hate Symbol” in Email Sent to Users

The official Twitter account of Digital Asset Investor’s team responded to the statistics related to Pepe, which were shared by the renowned XRP influencer Mr. Huber (@Leerzeit).

The influencer, Mr. Huber (@Leerzeit), pointed out that within just one month of its launch, Pepe has generated higher trading volumes than prominent cryptocurrencies such as XRP, Cardano (ADA), Algorand (ALGO), Quant (QNT), and Hedera (HBAR).

PEPE Record-Breaking Feat

To provide some context, Pepe was introduced on April 16, 2023, by an anonymous individual. Unlike most tokens, Pepe did not have an initial sale. Since its launch, Pepe has witnessed a remarkable surge of 6,140% from its lowest recorded value of $0.00000002764, based on data from CoinMarketCap. As of now, Pepe is being traded at $0.000001682.

Since its launch, Pepe has achieved the impressive rank of the third-largest meme-based cryptocurrency, boasting a market capitalization of $667.6 million. It closely trails behind Shiba Inu (SHIB) and Dogecoin in the list of the largest meme coins.

Pepe’s exceptional popularity surge has captured major cryptocurrency exchanges’ attention. Leading exchanges such as Binance, KuCoin, and others have listed the token in response to its growing fame and demand among investors.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :