Tis the season of memecoins and we have a new member, PeiPei Coin, another abbreviation of Pepe Coin joining us. It’s a DeFi token on the Binance Smart Chain, which claims to be the Chinese brother of Pepe Coin.
It has a total supply of 1 billion tokens, of which 999,982,657 are circulating, with about 71,954,130.56 pooled PeiPei Coin and a 24-hour trading volume of $368,367.74. PeiPei Coin currently has nearly 1.5k holders, making it a very young project.
Despite being recently launched, the chart movement has been nothing short of exasperating with over 90,000% profits. However, the bull run did not last long as the price quickly plummeted to its original price point.
There are a few red flags in the project that sing the siren song. When we dived deep into the rabbit hole we found the following details:
- Lack of transparency: The project team is unknown, and there is no information on their website about who they are or their qualifications to execute the project. This lack of transparency raises suspicion and could indicate that the team is intentionally hiding their identity to avoid being held accountable for their actions.
- Dubious marketing tactics: The project is heavily promoted on social media, particularly Twitter, where they have about 450 followers, by anonymous accounts that have no connection to the project. These accounts often use misleading information to generate FOMO (fear of missing out) and hype around the project, which could be a tactic to attract naive investors.
- Unrealistic promises: The project claims to be a community-driven project. However, their website lacks detailed information on how they plan to build a community and the technicalities involved. The lack of clarity and detail raises questions about the feasibility of the project.
- Low liquidity and high volatility: As noted in the data provided, both versions of PeiPei Coin have very low liquidity and high volatility. This makes it difficult to buy or sell the token without experiencing significant price swings, which could be a sign of manipulation.
- No audited smart contract: There is no evidence that the PeiPei Coin smart contract has been audited by a reputable third party. This means that there could be vulnerabilities or hidden functionalities in the contract that the developers could use to manipulate the token price or steal investors’ funds.
- No supporting documentation: No White Paper, Research, Tokenomics, goals, or plans for the future.
With the price dropping down in such a tremendous manner, it is quite possible the developers have already walked away with the money. However, there is still a glimmer of hope as PeiPei Coin has nearly 800 holders at the time of writing, showing nearly half the investors have already gotten out.
Also Read: PepeAI Surges 1000% Since Launch: Possible Pump & Dump?
Time will eventually be the judge of PeiPei like everything else. Everyone, especially the PeiPei investors should grab on to their seatbelts, cuz it’s going to be a helluva bumpy ride.
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.
