A new token named after Pepe the Frog, the infamous meme, and cartoon character created by Matt Furie, has entered the meme coin economy. The token is called Pepe (PEPE), and at the time of writing, it has become the sixth-largest meme coin asset in terms of market capitalization, valued at just over $130 million. However, amidst the fast rise, both the website coinmarketcap.com and the Web3 security startup Gopluslabs have warned that the contract owner may have the ability to modify the transaction tax and blacklist function.
PEPE Market Booms Despite Warnings of Contract Modification
Doge and the other dog friends in the meme economy have a new companion, but this time, the newcomer is a frog, specifically Matt Furie’s Pepe the Frog. The coin pepe (PEPE) has not been around for long, appearing on the scene on April 18, 2023. According to current statistics, PEPE is up more than 400% from the coin’s all-time low on the day it started trading. Two days later, on April 20, PEPE’s market valuation reached a high of $165 million. The number of pepe tokens in circulation is 420.69 trillion, and at the time of writing, there are 29,756 PEPE holders.
So far, the crypto asset has recorded 122,368 transfers. Out of the 29,756 PEPE owners, the top ten wallets command 17.25% of the entire supply. Additionally, according to PEPE’s rich list statistics, the top 100 PEPE holders own 44.51% of the entire token supply. On coingecko.com, PEPE is ranked #245 out of 10,755 crypto assets, and the web portal’s meme coin economy page shows that PEPE is the sixth-largest meme coin asset in terms of market capitalization size. On coinmarketcap.com (CMC), PEPE is ranked #2,605 out of 23,473 listed cryptocurrencies on the website.
CMC’s PEPE page also contains a warning link that says: “According to Gopluslabs the contract owner may contain the authority to modify the transaction tax and contain blacklist function. Please exercise caution before taking any action and DYOR.”
CMC also shared the Gopluslabs page that analyzes the PEPE contract. CMC shares warnings like this for other coins, such as Crypto AI (CAI), which states: “According to Gopluslabs, the smart contract of the following asset can be modified by the contract creator (for example: disable selling, change fees, mint new tokens, or transfer tokens). Please exercise…
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