Pepecoin Controversy: Insider Trading Accusations Emerge Amid Token Theft
Insider trading allegations rock the Pepecoin community as former promoter turned influencer Jeremy “Pauly” Cahen accuses the Pepecoin team of involvement in on-chain irregularities. Pauly's claims coincide with a reported theft of around 16 trillion PEPE tokens, revealing a web of suspicion within the project.
Accusations of Insider Trading
Former Pepecoin Promoter Pauly Alleges Insider Trading Amidst Token Theft\
The @pepecoineth team is holding 16-17 million worth of $pepe across at least 9 different insider wallets.
— PAULY (@Pauly0x) August 26, 2023
Why didn’t they sell from those?
Because by dumping the CEX wallet they knew they could create a massive short position then dump the market + print.
Insider trading 101.
Jeremy “Pauly” Cahen, a former Pepecoin promoter who has transitioned into a crypto influencer, has stirred controversy by accusing the Pepecoin team of insider trading. These allegations come in the wake of a significant token theft incident that involved approximately 16 trillion PEPE tokens.
Identifying Wallet Activities
Pauly Exposes Pepecoin Team Members and Reveals Wallet Activities
Pauly has taken his accusations a step further by disclosing the identities of Pepecoin team members and exposing their wallet activities. He asserts that the team has not only exploited the community but has also engaged in irregular token movements that raise suspicions of insider trading.
Insider Selling Begins
On-Chain Analyst Yazan Points to Insider Selling of PEPE Holdings
The list of insiders in this post have started selling $PEPE 50 minutes ago.
— Yazan (@YazanXBT) August 26, 2023
400 billion $PEPE have already been sold mainly from this address:
0x22f6215b40434D9135B06f1C676fd9291936Aac3
You can trace their activity here:https://t.co/BYMz8cfrFE https://t.co/k0KCpeHTyR
On-chain analyst Yazan has independently verified insider selling of PEPE tokens, with an estimated 400 billion PEPE already sold. This aligns with Pauly's claims and exposes further evidence of alleged insider trading within the Pepecoin project.
Impact on Pepecoin's Price
Bearish Turn in Pepecoin Price Due to Team's Selloffs
The Pepecoin controversy has had a tangible impact on the project's price. The token's value has experienced a bearish turn, plummeting by 15% as the Pepecoin team reportedly executed selloffs. Despite a brief recovery, the price has struggled to regain momentum, reflecting the negative sentiment prevailing within the community.
Current State and Price
Current PEPE Price and the Ripple Effect of the Controversy
As of now, the PEPE token is valued (1) at $0.0000008967, marking a 1% decrease over the last 24 hours. The ongoing controversy surrounding insider trading accusations and token theft has contributed to the uncertainty and fluctuations in the token's value.