Bubblemaps Challenges Pepe’s Fair Launch, Alleges 30% Of Genesis...

About 30% of the initial PEPE supply was bundled under the same entity, which sold $2 million worth of tokens the day after launch, according to Bubblemaps.

Blockchain data is casting doubt on the “for the people” launch narrative of memecoin Pepe, with new analysis suggesting that almost a third of the initial supply was held by a single entity and contributed to heavy early selling pressure.

About 30% of the Pepe (PEPE) token supply was bundled at launch in April 2023, blockchain data visualization platform Bubblemaps claimed on Wednesday in a post on X, adding that investors were “lied to.”

The same wallet cluster sold $2 million worth of PEPE tokens the day after launch, adding significant sell pressure that stopped the token from surpassing the $12 billion milestone, according to Bubblemaps.

That concentration of the genesis supply contrasts with Pepe’s original branding as a “coin for the people.” The project’s website said the token launched “in stealth” with no presale allocations.

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PEPE’s price fell 5.7% in the past 24 hours and is down over 81% in the past year, according to CoinMarketCap data.

Cointelegraph was unable to contact the team behind PEPE for comment.

Adding to investor concerns, Pepe’s website was exploited earlier in December, temporarily redirecting users to a malicious inferno drainer, a scam tool used for phishing attacks, wallet drainers and social engineering scams.

Despite PEPE’s downside, some crypto traders managed to make millions of dollars on the memecoin.

Source: CoinTelegraph