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Meme Coin

Meme Coin ‘Pepe’ Is Getting The Attention Of Scammers And Sudden Fall On Its Market Cap

Posted Monday, May 15, 2023 by
Sophia Cruz • 1 min read

Pepe, a popular Ethereum-based meme coin created as a tribute to the ‘Pepe the Frog’ internet meme has been gaining popularity and is now becoming the most talked-about meme coin in crypto.

This crypto project aims to take over the popularity of meme coins, just like Dogecoin, and Shiba Inu and establish itself as one of the top meme-based cryptocurrencies. PEPE has a no-tax policy, a redistributive system rewarding long-term stakers, and a burning mechanism to maintain the scarcity of the meme coin.

As the PEPE hype intensifies, many scammers have been doing fraudulent activities within the crypto space. According to PeckShield, there have been at least ten reported scams in the last three days involving the Pepe meme coin. The security firm reported scam tokens had their liquidity removed, rug-pulling investors.

Cybersecurity company Certik has also issued an alert on Twitter about a fake Pepe site claiming to provide rewards. They have warned the community that the fake Pepe site is linked to a phishing contract. Pepe’s official Telegram account on the other hand has also been seeing posts from counterfeit accounts attempting users to be directed to a different phishing site. 

Meanwhile, Pepe Coin has surged by 18% in the last day, presently trading at $0.000001889. It is worth noting that Pepe Coin’s all-time high stands at $0.000004354.

But despite the market cap decline, this doesn’t seem to bother investors from buying the token. However, lots of more prominent investors are struggling to realize their profits due to insufficient liquidity to sell their holdings.

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