The "fair" launch of PEPE is under fire by Bubblemaps, claiming one entity controlled nearly a third of the initial supply. This raises critical questions about memecoins' transparency and the truth behind democratic distribution promises. Public data reveals a $2 million sell-off the day after launch, fueling market manipulation suspicions.
According to blockchain analysis conducted by Bubblemaps, approximately 30% of PEPE’s genesis supply was allegedly consolidated under the control of a single entity. This massive concentration directly contradicts the narrative of a “fair launch,” which is supposed to guarantee decentralized distribution and prevent any single actor from influencing the price or liquidity of the token.
Bubblemaps’ on-chain analysis tools revealed connections between multiple wallet addresses, uncovering a clustering pattern. This methodology, which visually maps token flows, has already exposed several manipulations within the memecoin ecosystem. In PEPE’s case, the visualizations show clear links between apparently distinct wallets operating in a coordinated manner.
The timing of the transactions also raises concerns. The identified entity allegedly liquidated $2 million worth of tokens the day after launch, capitalizing on the initial euphoria. This early dump aligns with typical patterns of insiders accumulating before public listing, then selling during the peak of retail investor demand.
This controversy emerges as the memecoin market faces increased scrutiny. Fair launches now constitute a crucial differentiator in a sector saturated with opportunistic projects. PEPE had extensively leveraged this narrative to attract a strong community and achieve notable market capitalization.
For current holders, these revelations raise questions about the actual level of decentralization within the project. If 30% of the supply was controlled by a single entity from the outset, even after an initial sale of $2 million, it’s likely that a significant portion remains in the same hands. Such concentration creates a permanent risk of sell pressure that could weigh on price action in the medium term.
On-chain data, which is difficult to falsify, reinforces the credibility of Bubblemaps’ conclusions, which are based on verifiable evidence. This forced transparency illustrates one of crypto’s major advantages: the ability for any investor to audit token distribution and identify red flags before committing capital.
The PEPE case demonstrates how due diligence is essential before investing in a new project. “Fair launch” promises must be systematically verified through on-chain analysis tools like Bubblemaps, Nansen, or Arkham Intelligence. Marketing alone is no longer sufficient when the blockchain tells an entirely different story.
The French crypto community, highly active in memecoins, should integrate these audit practices: analyzing wallet distribution, detecting token clusters, studying suspicious transfers before and after launch. Legitimate projects typically welcome these audits, while others seek to avoid them.
The reputational impact on PEPE will now depend on the team’s response. Prolonged silence or vague justifications would deepen suspicions. Conversely, complete transparency regarding the addresses in question could restore some trust. The crypto market rarely forgives proven lies but can be forgiving when a project acknowledges its mistakes and acts to correct them.
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