Jeremy “Pauly” Cahen, once a promoter of Pepecoin (PEPE) who has now become a crypto influencer, has made allegations of insider trading against the Pepecoin team in the wake of reports about the theft of approximately 16 trillion PEPE tokens. Pauly is taking steps to reveal the identities of team members and share insights into their wallet activities. On-chain analysts have also identified significant Pepecoin transactions involving individuals with insider connections.
In an update provided on August 26th, Pauly disclosed that the Pepecoin team holds an estimated $16–17 million worth of PEPE tokens distributed across nine different wallets. Interestingly, these insiders have chosen not to liquidate their holdings. Instead, they have executed a strategic maneuver by transferring PEPE tokens from a centralized exchange (CEX) wallet, thereby establishing a considerable short position.
Furthermore, he has divulged personal details about various individuals within the Pepecoin team, offering intricate insights into their transaction history. Pauly contends that the Pepecoin team is taking advantage of the community, asserting that their claims concerning multisig wallets and the extent of PEPE holdings are entirely unfounded.
Yazan, an on-chain analyst, has reported the initiation of insider selling of PEPE holdings, with approximately 400 billion PEPE tokens already liquidated. This selling activity aligns with Pauly’s revelation of individuals within the Pepecoin team. In light of this, Yazan has urged crypto exchanges like Binance and OKX to take action and implement safeguards to hinder insider-related transactions.
Pepecoin’s value has shifted into a bearish trajectory, experiencing a sharp 15% drop attributed to the team’s sell-off actions. Despite a brief 10% uptick, the PEPE price was unable to sustain its momentum and has instead undergone a decline, further contributing to the prevalent negative sentiment among the community.
As per CoinMarketCap, the current PEPE price rests at $0.00000090, reflecting a 7% decrease over the past 24 hours.