Suspicious features found in PEPE meme token's smart contract
The CoinMarketCap aggregator also added a note about the possible danger of the asset but later deleted it
04.05.2023 - 10:35
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What’s new? The service GoPlus analyzed the PEPE meme coin smart contract and identified three suspicious features. For example, the developers of the project can blacklist an unlimited number of addresses, change the number of tokens available for trading, and limit the number of transactions with the asset. The features allow creating conditions for blocking and theft of funds (honeypot), or a large-scale reset (dump) of the asset by the creators. Crypto market data aggregator CoinMarketCap also added a note about the possible danger of the token but later deleted it.
What is known about PEPE? The project’s mascot is the character Pepe the Frog, created by cartoonist Matt Furie. The developers are positioning the asset as a competitor of meme coins, whose mascot is a dog of the Shiba-Inu breed, Dogecoin, Shiba Inu, and Floki Inu, stating that the endlessly produced “dog” coins “have had their day.”
The total token issuance is 420,69 trillion PEPE. 93,1% has been sent to the liquidity pool and burned. The remaining 6,9% is held in a multi-signature wallet and will be used on exchanges, for bridges and liquidity pools.
As of May 4, 10:00 UTC, PEPE is trading at $0,00000132, having gained 35,9% overnight, according to aggregator CoinGecko. The daily trading volume is $204,59 million and the market capitalization is $536,36 million.
PEPE was listed by crypto exchanges Uniswap, OKX, MEXC, Gate, Huobi, Poloniex, and Bitget. After listing on OKX, the rate of the meme token increased by 130%.
On May 1, Binance CEO Changpeng Zhao said that the exchange is ready to list popular meme coins.
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