Recent analysis has cast a shadow over the Pepe token's reputation, revealing that a large portion of its initial supply was concentrated in the hands of a single entity. As analysts warn in the report, this discovery challenges the project's branding as a 'coin for the people' and raises concerns about its long-term viability.
Concentration of Pepe Token Supply
According to data from blockchain visualization platform Bubblemaps, nearly one-third of the Pepe token supply was held by a single wallet at the time of its launch in April 2023. This concentration has led to significant selling pressure, with the same wallet cluster offloading $2 million worth of PEPE tokens just a day after the launch.
Impact on Market Cap and Price
The implications of this selling activity have been profound, preventing the token from reaching a $12 billion market cap and contributing to a staggering 57% drop in PEPE's price within the last 24 hours. Over the past year, the token has experienced an alarming 81% decline, raising serious questions about the project's integrity and future prospects.
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