An early investor in PepeCoin sells 1 trillion tokens for around $885,000 amid controversy and skepticism over the project’s future.
- Early Pepe (PEPE) investor sells 1 trillion tokens for 537 Ethereum ($885,000).
- Initial investment of 0.0183 Ethereum yields massive gain of 54,725 times.
- PepeCoin faces controversy with alleged unethical activities by developers affecting community trust.
- Crypto trader Kaleo expresses disillusionment, casting doubt on PepeCoin’s long-term viability.
An early investor in Pepe (PEPE) has recently made a significant move by liquidating a staggering 1 trillion tokens.
The tokens were sold for 537 Ethereum, approximately $885,000, as per data provided by blockchain sleuth Lookonchain.
This guy spent 0.0183 $ETH ($36.73) to buy 1.69T $PEPE within 30 minutes after $PEPE started trading, and then sold for 1,001 $ETH ($1.73M), realizing a gain of 54,725x.https://t.co/LI7qxGghDr pic.twitter.com/P9N82QXv4N
— Lookonchain (@lookonchain) August 26, 2023
A Lucrative Investment
The investor initially invested a mere 0.0183 Ethereum ($36.73) to purchase 1.69 trillion PEPE tokens during the early trading phase of the cryptocurrency.
This substantial sell-off generated an astounding gain of 54,725 times the original investment, amounting to a total of 1,001 Ethereum, or approximately $1.73 million.
These recent developments occur amidst heightened trading activity surrounding PepeCoin, with a 24-hour trading volume that has exceeded $219 million.
Community Trust Eroding
Unfortunately, PepeCoin has been embroiled in controversy, causing concern among community members. Blockchain monitoring services have exposed questionable activities involving the cryptocurrency’s developers.
Specifically, it has been alleged that the development team moved 16 trillion PEPE tokens out of a multi-signature wallet, promptly selling a significant portion and consequently triggering a massive price decline.
In response to these allegations, PepeCoin’s official statement contended that three former team members stole 60% of the wallet’s tokens and subsequently deleted their social accounts. However, these claims have done little to restore confidence in the project.
Crypto Trader Kaleo Voices Disillusionment
The controversy surrounding PepeCoin has led to disillusionment among influential figures within the crypto world. Well-known crypto trader Kaleo publicly expressed his disappointment with the Pepe project on social media.
He stated that he hopes Pepe collapses completely and explained that he can no longer support a project managed by “such shady and greedy individuals.”
Kaleo’s sentiment echoes the growing skepticism within the crypto community regarding the long-term viability of PepeCoin, particularly in light of the alleged unethical behavior of its founding team.
PepeCoin’s future rests on a precarious ledge as community trust continues to erode at an alarming pace. The recent sell-off by an early investor and the controversies surrounding the project’s developers have called into question the stability of this meme-based token.
As the trading volume surrounding PepeCoin remains high, only time will tell whether the project can regain the trust of investors and stakeholders alike.