Despite its massive success and growing popularity among cryptocurrency traders, top attorneys and analysts still believe Pepe is a scam.
Chris Blec, founder of DeFi Watch, believes that big money and powerful people are involved in a scam like Pepe. He believes the meme-based currency is part of a much bigger game, with the retail investors being the pawns.
CryptoLaw founder attorney John Deaton agreed with Blec and asked people to take a closer look at the coin. Yassin Mobarak, the founder of private equity firm Dizer Capital, also called PEPE a scam. He said it was a trojan horse designed to further blow up the crypto market.
Digital Asset Investor's official Twitter account said they often wonder if some of these meme coins are engineered by the government to keep the focus on the shady side of the industry.
Pepe was launched less than a month ago. Since then, the meme-based token has seen tremendous success - it has surged 6140%, has been listed by a number of cryptocurrency exchanges, and has a market cap of $667.6 million, making it the third-largest cryptocurrency of its kind.
In light of these stats, it is understandable why many investors would jump on the meme-based cryptocurrency bandwagon. However, despite Pepe's huge success in such a short time, top attorneys and analysts in the crypto industry still believe that it is a scam.
According to Chris Blec, founder of DeFi Watch, people should look a little deeper when it comes to scam projects like Pepe. He believes that these tokens are part of a larger game, with retail investors serving as pawns in the bigger picture. Meanwhile, Yassin Mobarak, founder of private equity firm Dizer Capital, also described Pepe as a "Trojan horse" designed to blow up the crypto market by drawing in gullible investors.
Digital Asset Investor echoed these sentiments, noting that they often question whether some of these meme coins are engineered by the government as a way of keeping attention on the potentially dangerous side of the cryptocurrency ecosystem.
While Pepe has certainly seen its fair share of success in a very short amount of time, it appears that a large portion of the crypto community is still undecided as to whether or not it is a scam. It remains to be seen whether the token will continue to grow in popularity or fizzle out as its detractors suggest.
Kate Moore
- 2023-05-15
Is Crypto Mogul Pepe a Scam?
Despite its sky-high 6140% surge and $667.6 million market cap, attorneys, analysts, and investors remain wary of the popular cryptocurrency Pepe, debating whether or not it's a scam.
