Scam Alert: PEPE Holders Targeted by Scammers with Fake Transactions

Updated: 21 May 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Investors in the meme cryptocurrency Pepe need to be extremely cautious and vigilant. There have been reports of fraudulent individuals using deceptive tactics to exploit Pepe holders.

One method involves manipulating Etherscan screenshots to create a false perception of scam activities associated with the Pepe deployer. This dishonest strategy is designed to cause confusion and erode trust within the community.

Recently, a meme coin with the Twitter handle @serdegen0x claimed to have raised 10 Ethereum (ETH) through a pre-sale. However, the tweet announcing this transaction was deleted subsequently . This behavior resembles a common scam pre-sale scheme, where scammers artificially promote a cryptocurrency to drive up its value.

Careful @serdegen0x is photoshopping Etherscan screenshots to make it look like the PEPE deployer is involved with his scam.

They pocketed 10 ETH from the presale and then deleted the tweet.

Account had me blocked by default as well. pic.twitter.com/Phao7AycDN

— ZachXBT (@zachxbt) May 18, 2023

Scammers Targeting the PEPE Investor Community

Scammers actively target the PEPE investor community, exploiting their willingness to invest in risky ventures. These fraudsters use deceptive tactics to defraud unsuspecting PEPE investors, with manipulated screenshots being a common strategy among many.

One prevalent scam is the “ragpool” scheme, where developers raise enough funds and then abandon the project, leaving investors with worthless tokens. Another fraudulent practice is the “honeypot” scam, wherein a token is created for purchase but lacks a mechanism for selling, trapping investors and preventing them from recovering their investments.

In the current market climate, meme coins and associated projects are frequently designed to deceive users and abscond with their funds without delivering on any promised value. Even if a project amasses significant funds through pre-sales or initial offerings, it may still use one of the above-mentioned schemes to extract money without fulfilling its original roadmap.

Pepe Coin Emerging as a Major Altcoin in a Volatile Crypto Market

Despite the volatile market, Pepe Coin was successfully listed on a major crypto exchange and has emerged as the second-most traded meme token, establishing itself as a significant altcoin.

Hello, bithumb?$PEPE #NEWListing @pepecoineth pic.twitter.com/1IHYh1ENUy

— Bithumb (@BithumbOfficial) May 18, 2023

In the last 24 hours, its value has experienced a decline of -1.68%. Since its introduction, Pepe Coin has grown by approximately 6500% and achieved a market cap of $2 billion after being listed on Binance. It reached an all-time high of $0.000004354 in May 2023. It ranks 74 in the overall cryptocurrency ecosystem, with a current value of $0.000001551.

Pepe Coin, a highly volatile cryptocurrency, is expected to see price increases in the next decade. However, reaching a target of 1 cent by the decade’s end is highly unlikely. Investing in Pepe Coin carries risks similar to those of other new meme coins. However, it is projected to experience significant growth in 2023, driven by community support and listings on major exchanges.

There is a potential high of $0.00000523 for this year. Industry analysts believe meme tokens may grow incredibly this year, mainly if the community adopts them. The average price of Pepe Coin in 2023 is predicted to be around $0.00000467. In a bearish trend, the minimum price could drop as low as $0.00000385.