Despite the massive success of PEPE, some crypto analysts still believe it to be a major scam. Since its launch in April 2023, the meme coin has grown to become one of the top 50 most traded cryptocurrencies. Compared to fellow meme coin DOGE, Pepe (PEPE) only took three weeks for its market cap to surpass $1 billion.
The meme coin has continued to gather popularity which in turn leads to a massive surge in its market activities. However, despite its quick success, many are still not convinced of the legitimacy of the project. Popular crypto analysts and top attorneys still believe the project is a scam.
Some experts who believe Pepe is a scam project
Some notable names in the crypto space including Chris Blec – Defi Watch Founder, CryptoLaw founder attorney John Deaton, and Yassin Mobarak – founder of Dizer Capital have given their “two cents” about the project.
Chris Blec in a Twitter post stated that PEPE did not accidentally happen, rather it was created by “big money, powerful people.” he further points out that retail investors are “pawns in a much bigger game.”
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Coins like $PEPE don’t happen by accident.
Big money, powerful people & careful planning goes into creating these scams.
You’re just a pawn in a much bigger game.
And games like this have cost many people their lives.
Don’t be a fucking idiot.
— Chris Blec (@ChrisBlec) May 6, 2023
Similarly, CryptoLaw founder John Deaton reacted to Blec’s post by stating that he has been receiving tons of emails and messages asking what he thinks about the Pepe project.
I’ve received a ton of emails and DMs about $pepe asking me what my thoughts are. Since you asked: https://t.co/hSCPR6PkKS
— John E Deaton (@JohnEDeaton1) May 14, 2023
Furthermore, Dizer Capital founder Yassin Mobarak also dropped a comment on Blec’s post obviously insinuating that PEPE is a scam. He asserted that the token is a “trojan horse” purposely designed to blow up the crypto market, comparing it to the bankrupt FTX.
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He carefully noted the pattern to which projects like Pepe are created. According to him, the “scam projects” are introduced, then it is pumped till it attracts the “gullible masses,” and finally blowing it up while blaming everything on the dangers and volatility of cryptocurrencies. They use the incident to attack the crypto industry and then rinse and repeat. See his tweet below:
$PEPE is a trojan horse meant to further blow up crypto, just like FTX was.
The playbook is clear by now.
1. Introduce a scam project
2. Pump it massively until it attracts the gullible masses
3. Then blow it up and blame everything on Crypto and how dangerous and full of… https://t.co/ly4usiUb3i
— Yassin Mobarak (@Dizer_YM) May 14, 2023
Also, a verified Twitter account Digital Asset Investor asked why the SEC is not investigating projects like PEPE. He also wonders if these meme coins are purposely created by the Government to focus more on the “shady side of crypto.”
The account dropped this comment while reacting to a post from Mr. Huber (@Leerzeit), a popular XRP influencer. Mr. Huber pointed out that despite the fact that PEPE is less than a month old, it has already surpassed projects like XRP, Cardano, Algorand, Quant, and Hedera in trading volume.
Pepe was launched less than 1 month ago and already has 3x the volume of #XRP, 7x the volume of #ADA, 32x times the volume of #Algo, 70x the volume of #QNT and #HBAR.
— Mr. Huber🔥🦅🔥 (@Leerzeit) May 14, 2023
Pepe (PEPE) price today
According to data from CoinMarketCap, PEPE is currently selling at $0.000001693. The price is down 7.18% in the last 24 hours. Furthermore, Pepe is ranked at #65 on the CoinMarketCap chart with a live market cap of $665,019,101 USD.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.