- Despite allegations of insider trading and a significant price drop, influential voices in the crypto community continue to express strong support for meme coin PepeCoin.
- Data from social analytics platform LunarCrush shows that negative sentiment surrounding PepeCoin has surged, but a report from Kaiko indicates the coin’s liquidity remains strong on centralized exchanges.
The Unyielding Spirit of PepeCoin: Community vs. Controversy
In a captivating development that strikes at the heart of cryptocurrency’s grassroots ethos, some of the most powerful advocates in Crypto Twitter are staunchly backing PepeCoin. This is despite the crypto’s recent 20% price decline and allegations of insider trading that have thrown it into turbulent waters.
The Balancing Act: Insider Trades and Influencer Advocacy
Just days ago, blockchain analysts detected $16 million worth of PepeCoin being funneled to exchanges from one of the coin’s primary wallets, immediately followed by a liquidation—a scenario many in the industry label as a potential “rug pull.” In crypto parlance, a “rug pull” refers to fraudulent activities by project developers who inflate a token’s price before suddenly withdrawing their funds, leaving other investors holding worthless tokens.
In a subsequent damage control attempt, a pseudonymous founder of PepeCoin issued an apology, admitting that some team members had gone rogue. They assured the community that the 10 trillion PepeCoin left in the key wallet (valued at approximately $8.7 million) were “in safe hands,” and that the future looked promising after these remaining tokens would be burned to reduce supply, thereby increasing scarcity and potential value.
Amidst this disarray, Jason Williams, a leading pro-Bitcoin influencer, expressed unwavering support for PepeCoin. His endorsement came on the heels of a critical comment by Swan CEO Cory Klippsten, who categorically dismissed the meme coin, declaring that
“Bitcoiners don’t promote shitcoins.”
Williams’ retort, however, offered a counter-narrative, solidifying the dichotomy within the crypto community regarding PepeCoin’s future.
Further substantiating the coin’s resilience, social analytics platform LunarCrush revealed that while bearish sentiments around PepeCoin had grown by more than 250% over the past week, bullish sentiments also rose by 160% during the same period. A research note from Kaiko, a data analytics firm, reinforced this mixed perception. Despite a sharp drop in price, Kaiko observed that PepeCoin’s liquidity on centralized exchanges has remained stable, indicating sustained interest in the asset.
Therefore, as PepeCoin navigates through this period of heightened scrutiny and volatility, the split within the crypto community continues to deepen. High-profile endorsements offer a lifeline, but only time will elucidate the coin’s long-term viability.
