An early investor in Pepe (PEPE) cashed out a staggering 1 trillion tokens for 537 Ethereum, roughly equating to $885,000, according to recent data provided by blockchain sleuth Lookonchain.
The investor had initially spent a meager 0.0183 Ethereum ($36.73) to purchase 1.69 trillion PEPE tokens just after the cryptocurrency started trading.
The sale realized a remarkable gain of 54,725 times the original investment, amounting to a total of 1,001 Ethereum, or approximately $1.73 million.
This move comes amid heightened trading activity surrounding PepeCoin, with a 24-hour trading volume exceeding $219 million.
Community trust eroding
As reported by U.Today, the third-biggest meme token has been embroiled in controversy. Tweets from blockchain monitoring services have revealed questionable activities involving the cryptocurrency’s developers.
Allegedly, 16 trillion PEPE tokens were moved out of a multi-signature wallet by the development team, and a significant portion of these were promptly sold, leading to a massive price decline in the token.
PEPE’s official statement claims that three former team members stole 60% of the wallet’s tokens and subsequently deleted their social accounts.
Well-known crypto trader Kaleo has publicly expressed his disillusionment with the PEPE project. He took to social media stating, “I hope PEPE completely collapses,” explaining that he can no longer support a project managed by “such shady and greedy individuals.” His post reflects growing skepticism within the crypto community about the long-term viability of PepeCoin, particularly given the alleged unethical behavior of its founding team.
The future of this meme-based token hangs in the balance given that community trust has been eroded at a fast pace.