Top crypto experts still think Pepe is a scam despite its huge success.
Pepe (PEPE), launched less than a month ago, has continued to gain widespread popularity, leading to a massive surge in its market and social activities.
Crypto Experts Who Think Pepe Is a Scam
Despite its remarkable success within a short time, top crypto enthusiasts still believe the meme-based cryptocurrency is a scam.
Chris Blec (DeFi Watch Founder)
Chris Blec, a prominent cryptocurrency advocate and DeFi Watch founder asserted that Pepe did not just happen accidentally.
According to Blec, “big money, powerful people, and careful planning” create scams like PEPE. The DeFi Watch founder asserted that Pepe’s retail investors are pawns in a much bigger game.
Attorney John Deaton (CryptoLaw Founder)
It is interesting to note that CryptoLaw founder attorney John Deaton pointed to Blec’s remark in response to the tons of emails and DMs he has received from people asking for his opinion about PEPE.
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
Yassin Mobarak (Founder of Dizer Capital)
Yassin Mobarak, the founder of private equity firm Dizer Capital, also called PEPE a scam. Mobarak called Pepe token a trojan horse designed to further blow up the crypto market, just like the crypto exchange FTX.
He stressed that the playbook of projects like Pepe usually follows a similar pattern. The steps include introducing a scam project, pumping it until it attracts gullible investors, blowing it up and blaming crypto for being dangerous, using the incident to suffocate the entire industry, and rinse and repeat.”
$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
Digital Asset Investor
Furthermore, prominent XRP influencer and YouTuber Digital Asset Investor asked why the United States Securities and Exchange Commission is not investigating projects like Pepe.
“I often wonder if some of these meme coins are engineered by the government to keep the focus on the shady side of crypto,” Digital Asset Investor noted.
The team behind Digital Asset Investor’s official Twitter account made the remark in response to Pepe-related stats shared by famous XRP influencer Mr. Huber (@Leerzeit).
The influencer noted that despite launching less than one month ago, Pepe has more trading volumes than top crypto assets like XRP, Cardano (ADA), Algorand (ALGO), Quant (QNT), and Hedera (HBAR).
— Mr. Huber🔥🦅🔥 (@Leerzeit) May 14, 2023
For context, Pepe was launched on April 16, 2023, by an anonymous user. Unlike most tokens, Pepe did not have a pre-sale. Since its launch, Pepe has surged 6,140% from its all-time low of $0.00000002764, according to CoinMarketCap data. At the time of writing, Pepe is trading at $0.000001706.
Despite launching less than a month ago, Pepe is ranked as the third-largest meme-based coin with a market cap of $667.6 million. The token is only behind Shiba Inu (SHIB) and Dogecoin in the biggest meme coin ranking.
Pepe’s tremendous rise to fame has attracted the interest of top crypto exchanges. Top exchanges, including Binance, KuCoin, etc., have listed the token amid its growing popularity.