According to insights shared by on-chain analyst Yazan, there has been a notable occurrence of insider selling involving PEPE holdings. The reported figure indicates that approximately 400 billion Pepecoin were offloaded. This activity appears to be in alignment with the exposure mentioned by Pauly’s team.
Jeremy “Pauly” Cahen, a former promoter of Pepecoin (PEPE) who has transitioned into a crypto influencer, has recently leveled allegations of insider trading against the Pepecoin team. These allegations follow the reported theft of approximately 16 trillion PEPE tokens. In response, Pauly has chosen to unveil the identities of team members and publicly disclose their wallet-related actions. This disclosure is consistent with insights from on-chain analysts, who have also noted significant Pepecoin transactions involving insiders.
In a comprehensive update provided on August 26th, Pauly revealed that the Pepecoin team maintains a holding of approximately $16–17 million worth of PEPE tokens, spread across nine distinct wallets. Interestingly, these insiders refrained from selling their holdings outright. Instead, they tactically divested their PEPE tokens from a centralized exchange wallet, thereby establishing a considerable short position.
Pauly has gone further by disclosing personal information about specific individuals within the Pepecoin team, along with an intricate breakdown of their transactional activities. This information, as per Pauly’s claims, underscores an alleged exploitation of the community by the Pepecoin team. Additionally, he vehemently challenges their explanations concerning multisig wallets and the true extent of PEPE holdings, asserting that these explanations are fundamentally inaccurate.
As reported by on-chain analyst Yazan, there is evidence of internal PEPE holdings being sold, with an estimated 400 billion PEPE tokens having been divested. This selling activity coincides with Pauly’s revelation of the identities of individuals within the Pepecoin team. In response to these developments, Yazan has urged prominent cryptocurrency exchanges like Binance and OKX to implement precautionary measures that can curb transactions originating from insiders.
The trajectory of Pepecoin’s price has experienced a notable downturn, marked by a significant 15% decrease. This decline can be attributed to the selloff actions initiated by the Pepecoin team. Despite a fleeting surge of 10% in its valuation, the PEPE price was unable to sustain its upward momentum, leading to a subsequent decline. This series of events has further contributed to the existing sense of negative sentiment among the Pepecoin community.
According to the most recent data available on CoinMarketCap, the current value of PEPE is recorded at $0.00000090, indicating a 7% reduction over the course of the past 24 hours.
