A new meme token aka memecoin, PepeAI, is slowly gaining traction with its innovative approach to combining memes and artificial intelligence (AI). PepeAI is based on Pepe the frog and a possible spoof of the currently trending Pepe Coin.
In the last 2 days, PepeAI has surged over 1000% making its presence felt around the crypto meme community.
To purchase PepeAI, users must first create a wallet and obtain some BNB. They can then connect to Pancakeswap and convert their desired BNB amount to $PEPEAI.
PepeAI has big plans for the future, with goals like launching the Telegram AI Meme Generator, getting listed on CoinGecko/Coinmarketcap and CEX listings, reaching 100,000+ holders, creating community partnerships, the launch of an NFT marketplace, T1 exchange listings, developing more AI utilities, and achieving an AI takeover.
A concerning point to note, however, is the fact that $PEPEAI does not have an audited contract. Currently, PepeAI has just 60 holders who have been riding the bull run out of which the contract creator holds about 40,000,000 $PEPEAI tokens.
It has been a minute since Pepe Coin has been trending on the charts and making moves into the top 100 crypto list and well known exchanges that has caused the number of tokens based on Pepe to suddenly sprout.
Like the DogeCoin trend that led to the inception of coins like Shiba and Floki, it’s possible that a few good Frog Coins turn up. However, it also increases the chances for possible rug pulls or pump and dump schemes to wipe out the investors funds.
Also Read: From Meme to Money: The Rise of Pepe Coin and its Future Price Prediction
We noticed a few red flags that prompt us to believe that PepeAI could be a pump and dump scheme:
- The currency is run by an unknown or fictitious team that employs a spoof Twitter account with over 3,848 followers. The account tweets witty and snarky messages but provides no verified information regarding the project or its timeline.
- The coin’s contract is unaudited, which implies that there may be hidden functionalities or flaws that allow the creators to take cash from the liquidity pool or manufacture new tokens without limit.
- The currency has a significant concentration of money among a small number of holders, which might signal that the creators or early investors have a big number of tokens on hand that they could sell at any time.
- The coin’s marketing approach is dubious, relying on building buzz and FOMO on social media sites like Twitter and Telegram.
- The bulk of PepeAI transactions have been conducted by a few accounts that purchase and sell the memecoin on a regular basis in order to potentially influence the coin’s price.
In a few day’s time we shall see if PepeAI, the self-proclaimed “king of meme coins,” has the potential to make big waves in the world of cryptocurrency or if it’s just another pump and dump scheme.
DISCLAIMER:
This piece is for educational purposes and not financial advice. Investors should be careful when dealing with this project and do their own research before investing.
