About 30% of the initial PEPE supply was bundled under the same entity, which sold $2 million worth of tokens the day after launch, according to Bubblemaps. Blockchain data is casting doubt on the “for the people” launch narrative of memecoin Pepe, with new analysis suggesting that almost a third of the initial supply was held by a single entity and contributed to heavy early selling pressure. About 30% of the Pepe (PEPE) token supply was bundled at launch in April 2023, blockchain data visualization platform Bubblemaps claimed on Wednesday in a post on X, adding that investors were “lied to.” The same wallet cluster sold $2 million worth of PEPE tokens the day after launch, adding significant sell pressure that stopped the token from surpassing the $12 billion milestone, according to Bubblemaps. Read more
The website of the Pepe memecoin has been hit with a front-end attack, and users are encouraged to stay clear of the website. The official website for the Pepe (PEPE) memecoin has been compromised by attackers, who are redirecting users to a malicious link. “Blockaid’s system has identified a front-end attack on Pepe. The site contains a code of inferno drainer,” the cybersecurity company said on Thursday. Blockaid’s Threat Intelligence Team told Cointelegraph: Inferno Drainer is a suite of scam tools that is employed by threat actors, including phishing website templates, wallet drainers and social engineering tools. The price of PEPE did not react immediately to the hack. The memecoin is up by about 4% over the last 24 hours, but is down by more than 77% over the last 12 months, according to CoinGecko. Read more