Max Keiser, a proponent of Bitcoin, has criticised Pepe (PEPE), the newest meme coin trend in the cryptocurrency world, calling it a “unregistered security.”
Keiser had a harsh response to the web rumour about a trader who purportedly turned a $3,000 investment in PEPE into millions of dollars. The tweet also stated that Pepe’s market capitalization has surpassed $300 million only two weeks after its debut.
The price of PEPE, an ERC-20 token with a 420.69 trillion token supply, has increased 106% over the past day to $0.00000125. Recent hours have seen PEPE reach new record highs of $0.000001439, according to statistics from CoinMarketCap.
However, it should be remembered that PEPE is a meme coin, which implies that it lacks any specific application and exists primarily as a means of speculation.
The rumour that traders may make millions of dollars on their PEPE investments in a matter of weeks has further increased doubt about the project’s validity because these instances could have been purposefully manufactured to mislead unwary investors.
According to U.Today, the PEPE initiative has certain warning signs. First, the PEPE token’s underlying contract has various dubious features, including one that might ban users.
Second, there are worries about centralization because a sizable amount of the token’s supply is concentrated among a small number of wallets.
Given PEPE’s sharp increase in recent weeks, profit-taking may occur, which might surprise some investors. However, the exact timing of such profit-taking, which could result in sharp price declines, is still unknown. But for the time being, PEPE appears to be ascending.
