Former Pepecoin promoter Jeremy “Pauly” Cahen has made shocking accusations against the Pepecoin team, accusing them of engaging in insider trading. Cahen has taken it upon himself to expose the identities of the team members and reveal their wallet activities.
On-chain analysts have confirmed the existence of significant Pepecoin transactions involving the insiders. Cahen has unveiled that the team holds an estimated $16-17 million worth of PEPE tokens spread across nine different wallets. To strengthen their short position, the team has strategically offloaded PEPE tokens from a centralized exchange (CEX) wallet.
Cahen, determined to bring the team to justice, plans to collaborate with law enforcement agencies. In an effort to shed light on the team’s alleged exploitation of the community, he has disclosed the personal information of Pepecoin team members.
As insider selling of PEPE holdings has already begun, approximately 400 billion PEPE tokens have been sold. Concerned by these actions, an on-chain analyst is urging exchanges to implement measures to prevent transactions from insiders.
The consequences of the team’s actions have had a negative impact on the Pepecoin price, which has dropped by 15% due to ongoing selloffs. This continuous decline has resulted in a pessimistic sentiment within the community.
As of now, the PEPE price stands at $0.00000090, marking a 7% decrease in the last 24 hours. The Pepecoin community anxiously awaits further developments in this scandal, while hoping for justice to be served and for the market to recover from these setbacks. Stay tuned for updates on this ongoing story.