Bubblemaps Reveals Concentration of Pepe Token Supply Raises Concerns
- Approximately 30% of the initial Pepe (PEPE) token supply was held by a single entity at launch in April.
- This entity sold $2 million worth of PEPE tokens the day after launch, contributing to significant sell pressure.
- PEPE’s price fell 5.7% in the last day and is down over 81% in the past year.
- The project’s website claimed a “stealth” launch with no presale allocations, which contradicts findings from Bubblemaps.
- In March, one trader turned an initial investment of $2,000 into $43 million, despite recent declines.
The analysis from Bubblemaps highlights potential insider activity and raises questions about the transparency of the PEPE token launch, which was marketed as community-driven. This scrutiny comes alongside reports of a website exploit that redirected users to phishing tools.
With nearly a third of the genesis supply concentrated in one wallet and substantial early selling pressure, investor confidence may be further shaken as PEPE continues to struggle with an over 81% decline this year. (Source)
