Jeremy “Pauly” Cahen, a former PEPE promoter turned crypto influencer, has brought forth allegations of insider trading against the Pepecoin team in the wake of reports surrounding the theft of roughly 16 trillion PEPE tokens. Pauly has now taken it upon himself to unveil the identities of team members and shed light on their wallet activities. On-chain analysts have also identified significant Pepe Coin transactions involving individuals within the team.
In an update on August 26th, Pauly revealed that the Pepecoin team holds an estimated $16-17 million worth of PEPE tokens spread across 9 separate wallets. Remarkably, these insiders have abstained from selling their holdings directly. Instead, they have strategically liquidated PEPE from a centralized exchange (CEX) wallet, establishing a considerable short position.
Furthermore, Pauly has exposed personal details of several individuals within the Pepecoin team and provided a comprehensive breakdown of their transaction history. Pauly contends that the team is exploiting the community, dismissing their explanations regarding multi-sig wallets and PEPE holdings as entirely untrue.
According to on-chain analyst Yazan, insider selling of PEPE holdings has already commenced, with roughly 400 billion PEPE tokens having been sold. This coincides with Pauly’s revelations about Pepecoin team members. In response, Yazan has called upon cryptocurrency exchanges such as Binance and OKX to implement safeguards against transactions initiated by insiders.
The value of Pepecoin has taken a bearish trajectory, plummeting by 15% due to selloffs carried out by the Pepe Coin team. Despite a brief 10% surge, the PEPE price was unable to sustain its upward momentum, resulting in a decline and exacerbating the existing negative sentiment within the community.
As reported by Coinmarketcap, the current value of PEPE stands at $0.00000090, reflecting a 7% decrease over the last 24 hours. During this period, the price fluctuated between $0.00000085 and $0.00000095. Moreover, trading volume has decreased within the past 24 hours, indicating diminishing interest among traders.