U.Today - An early investor in cashed out a staggering 1 trillion tokens for 537 Ethereum, roughly equating to $885,000, according to recent data provided by blockchain sleuth .
The investor had initially spent a meager 0.0183 ($36.73) to purchase 1.69 trillion PEPE tokens just after the cryptocurrency started trading.
The sale realized a remarkable gain of 54,725 times the original investment, amounting to a total of 1,001 Ethereum, or approximately $1.73 million.
This move comes amid heightened trading activity surrounding PepeCoin, with a 24-hour trading volume exceeding $219 million.
Community trust eroding
As , the third-biggest meme token has been embroiled in controversy. Tweets from blockchain monitoring services have revealed questionable activities involving the cryptocurrency's developers.Allegedly, 16 trillion PEPE tokens were moved out of a multi-signature wallet by the development team, and a significant portion of these were promptly sold, leading to a massive price decline in the token.
PEPE's official statement claims that three former team members stole 60% of the wallet's tokens and subsequently deleted their social accounts.
Well-known crypto trader Kaleo has publicly his disillusionment with the PEPE project. He took to social media stating, "I hope PEPE completely collapses," explaining that he can no longer support a project managed by "such shady and greedy individuals." His post reflects growing skepticism within the crypto community about the long-term viability of PepeCoin, particularly given the alleged unethical behavior of its founding team.
The future of this meme-based token hangs in the balance given that community trust has been eroded at a fast pace.