A new token named after the infamous meme and cartoon character Pepe the Frog, created by Matt Furie, has entered the meme coin economy. The token is called Pepe (PEPE) and, as of this writing, is the sixth largest meme coin asset by market capitalization, valued at just over $130 million. But amid the surge, both the website coinmarketcap.com and Web3 security startup Gopluslabs warn that contract owners may have the ability to alter transaction taxes and blacklist features.
Despite warnings of contract changes, the PEPE market is booming
Doge and his other canine friends in the meme economy have new friends, but this time the newcomers are frogs, specifically Matt Furie’s Pepe the Frog. The coinPEPEappeared on April 18, 2023 and does not have a long history. According to current statistics, PEPE is up over 400% from the coin’s all-time low on its first day of trading; two days later, on April 20, PEPE’s market valuation reached a high of $165 million; there are 420.69 trillion PEPE tokens in circulation andas of writing.29,. 756 PEPE Holders
So far, the crypto asset has logged 122,368 transfers; of the 29,756 PEPE owners, the top 10 wallets account for 17.25% of the total supply. Additionally, according to PEPE’s rich list statistics, the top 100 PEPE holders own 44.51% of the total token supply. coingecko.com ranks PEPE at #245 out of 10,755 crypto assetsand the web portal The meme coin economy page shows PEPE as thesixth largestmeme coin asset by market capitalization size. coinmarketcap.com (CMC) ranks PEPE #2,605 out of 23,473 cryptocurrencies listed on their website. It is ranked #2.
Also on CMC’s PEPE page is a warning link that reads, “According to Gopluslabs, contract owners have the authority to change transaction taxes and may include blacklisting features. There is a warning link that says, “The CMC has the power to change the transaction tax.” According to Gopluslabs, contract owners have the authority to change transaction taxes and may include blacklist features.”
CMC also sharedGopluslabs’ page analyzing PEPE contracts; CMC also shared such warnings for other coins, such as Crypto AI (CAI), in: “According to Gopluslabs, Smart contracts for the following assets can be modified by the contract creator (e.g., voiding a sale, changing fees, creating a new token, transferring a token). Please be aware and DYOR before taking any action.” If the PEPE team had the authority to modify the transaction tax, that would be contrary to the project’s tokenomics philosophy.
“No Taxes, No Bullsh**. It’s that simple,” PEPE ‘s tokenomics pageelaborates.” 93.1% of the tokens were sent to:”
What do you think about the rise of PEPE in the meme coin economy? Also, do you think the ability of its contract owners to change transaction taxes and blacklist features is a cause for concern? Please share your thoughts in the comments section below.
Image Credit:: Shutterstock, Pixabay, Wiki Commons.
