The Pepe (PEPE) meme token’s explosive growth has been a hot issue in the cryptocurrency world. Recent research, however, raises the possibility that the astounding gains realised by certain investors may not be as natural as they seem. They got an astounding 3,200x return on their investment, according to an inquiry into five accounts connected to pepecexwallet.eth, however all of these addresses seem to be linked to the token’s developer.
The analysis revealed that these five addresses spent around 0.19 ETH ($385) on a total of 8.87 trillion PEPE token purchases. Thereafter, these tokens were sold for a combined total of $1.23 million on decentralised exchanges (DEX), yielding a profit of over 3,200 times the original investment.
Looking more closely at the transactions reveals that wallet “2.44 trillion PEPE tokens were purchased by 0xAd10” for 0.0195 ETH ($39.3) and then sent to wallet “0x9807. ” Wallet “0x9807” transferred 2.5 trillion PEPE tokens to wallet “0x7607” after purchasing an extra 0.06 trillion PEPE tokens for 0.11 WETH ($230.84). Ultimately, wallet “0x7607” purchased 4.26 trillion PEPE tokens for $726,218 and sold them all for 1.77 trillion PEPE tokens, which cost 0.0175 ETH ($35.24).
The authenticity of the Pepe meme token’s explosive growth raises questions in light of these transactions, as was previously reported. The token surged by a staggering 7,500x in a matter of days before correcting by 60% and then bouncing back by another 60%. The developer’s power to ban wallets and the possibility for supply manipulation of the token have raised questions about the security of owning PEPE.
While tokens like PEPE might produce astounding returns quickly, they can also be easily manipulated and might not be a reliable long-term investment.
