The future of Pepecoin is plunged into murky waters as rumours of insider trading make headway, coupled with the alleged heist of approximately 16 trillion PEPE tokens. Jeremy “Pauly” Cahen, a renowned crypto enthusiast and a former promoter of PEPE, has cast doubt on the dealings of the Pepecoin team. His disquieting revelations include unearthing significant transactions that point to potential internal selling and underhanded strategies adopted by insiders.
These allegations have sent shockwaves through the Pepecoin community as Pauly, in his bid to serve justice, has begun to expose the identities of the team members. He alleges that the group executed a strategic offload of PEPE tokens to establish an impressively large short position. His investigations reveal the existence of up to 9 various pockets, each linked to the Pepecoin team and housing PEPE tokens worth $16-17 million.
In a twist of events, an on-chain analyst named Yazan lends credibility to these claims, hinting that the internal selling of PEPE has already commenced. Up to 400 billion PEPE has reportedly been sold. Yazan has urged renowned crypto exchanges like Binance and OKX to step in and thwart such trading activities from insiders.
Naturally, these unsettling revelations have had a dire impact on Pepecoin’s market performance. After a shedding 15% value, PEPE demonstrated a short-lived surge of 10%, but was unable to sustain this momentum. A decline in PEPE’s price followed, further accentuating negative sentiment within the community. As of recent data from Coinmarketcap, PEPE’s price stands at $0.00000090, marking a 7% decrease over the span of 24 hours.
These allegations raise some pivotal questions about insider trading within the cryptocurrency market. If found to be true, this could challenge the integrity of digital coins and tokens and pose a significant threat to the security and trust investors place on these platforms. But on the flip side, such allegations could trigger stronger and more advanced security measures for digital trading platforms, strengthening the system against such illegal practices.
Source: Cointelegraph
